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Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":763,"relatedVideos":764},136730978197360,"843c52cb-18a1-43d5-88f6-fce666ba998b","Sigma’s Brazil issues could tighten lithium supply dynamics","sigmas-brazil-issues-could-tighten-lithium-supply-dynamics","article/sigmas-brazil-issues-could-tighten-lithium-supply-dynamics",{"_uid":547,"date":548,"live":51,"tags":549,"editor":562,"content":572,"excerpt":732,"featured":51,"reporter":733,"component":743,"seo_title":543,"categories":744,"visibility":750,"author_company":620,"data_vis_image":751,"featured_image":756,"seo_description":760,"author_full_name":620,"author_job_title":620,"formattedDate":761,"formattedArticleDate":762},"17e4efa6-89d0-40ed-afd5-36bf5112caf8","2026-01-16 00:00",[550,553,556,559],{"slug":551,"name":552},"brazil","Brazil",{"slug":554,"name":555},"data-visualisation","Data Visualisation",{"slug":557,"name":558},"lithium-prices","Lithium prices",{"slug":560,"name":561},"south-america","South America",[563],{"slug":564,"name":565,"content":566},"matthew-bird","Matthew Bird",{"job_title":567,"image":568,"bio":570,"linkedin":571},"Senior Editor - Supply Chains & Data Visualisation",{"filename":569},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":573,"content":574},"doc",[575,582,587,610,621,628,639,645,672,677,682,687,692,697,702,707,720],{"type":576,"attrs":577,"content":578},"paragraph",{"textAlign":49},[579],{"text":580,"type":581},"Three waste piles from Sigma Lithium’s Grota do Cirilo lithium mine in Brazil have been shut down following a government inspection which found them to pose a risk to workers and the local community.","text",{"type":576,"attrs":583,"content":584},{"textAlign":49},[585],{"text":586,"type":581},"Although Sigma contests the ruling, this adds an extra layer of difficulty for the miner which had only just ramped production back up after an operational pause to upgrade the mine from late September 2025 through to October and much of November.",{"type":576,"attrs":588,"content":589},{"textAlign":49},[590,592,600,602,608],{"text":591,"type":581},"This pause in operation tightened global spodumene concentrate spot availability, at a time when reduced supply responsiveness to an ",{"text":593,"type":581,"marks":594},"improving demand picture",[595],{"type":596,"attrs":597},"link",{"href":598,"uuid":49,"anchor":49,"target":49,"linktype":599},"https://source.benchmarkminerals.com/article/ganfeng-chairmans-speech-adds-fuel-to-lithium-price-rally-in-china","url",{"text":601,"type":581}," was already leading to ",{"text":603,"type":581,"marks":604},"increases in lithium prices",[605],{"type":596,"attrs":606},{"href":607,"uuid":49,"anchor":49,"target":49,"linktype":599},"https://source.benchmarkminerals.com/article/why-are-lithium-prices-in-china-soaring-this-week",{"text":609,"type":581},".",{"type":611,"attrs":612},"blok",{"id":613,"body":614},"57cad969-22cf-44cf-b91f-c7205d9c4f62",[615],{"id":616,"_uid":617,"type":618,"component":619,"fixed_height":620,"use_fixed_height":50,"fixed_height_mobile":620,"fixed_height_tablet":620},"27244419","i-5de41f89-a346-4cbd-b995-d248852643c4","visualisation","ContentFlourish","",{"type":622,"attrs":623,"content":625},"heading",{"level":624,"textAlign":49},4,[626],{"text":627,"type":581},"What role does Sigma Lithium play in Brazil’s lithium industry?",{"type":576,"attrs":629,"content":630},{"textAlign":49},[631,637],{"text":632,"type":581,"marks":633},"Sigma Lithium’s Grota do Cirilo",[634],{"type":596,"attrs":635},{"href":636,"uuid":49,"anchor":49,"target":49,"linktype":599},"https://source.benchmarkminerals.com/video/watch/sigma-lithium-on-building-out-lithium-production-in-brazil",{"text":638,"type":581}," began operations in 2023, becoming Brazil’s largest lithium mine. In 2025, the mine accounted for around 60% of the country’s lithium output.",{"type":611,"attrs":640},{"id":613,"body":641},[642],{"id":643,"_uid":644,"type":618,"component":619,"fixed_height":620,"use_fixed_height":50,"fixed_height_mobile":620,"fixed_height_tablet":620},"27244096","i-f7dcc71b-cc3e-4722-a5f0-484783bc298a",{"type":576,"attrs":646,"content":647},{"textAlign":49},[648,650,656,658,663,665,671],{"text":649,"type":581},"In Q2 2025, it produced about 68kt of concentrate but sold only 40kt, accumulating around 28kt tonnes in ",{"text":651,"type":581,"marks":652},"inventory",[653],{"type":596,"attrs":654},{"href":655,"uuid":49,"anchor":49,"target":49,"linktype":599},"https://source.benchmarkminerals.com/article/lithium-chemical-prices-fall-as-inventory-builds",{"text":657,"type":581}," whilst prices were falling. In Q3 2025, Sigma’s ~49kt of sales exceeded its estimated 44kt of production, confirming the company’s use of ",{"text":651,"type":581,"marks":659},[660],{"type":596,"attrs":661},{"href":662,"uuid":49,"anchor":49,"target":49,"linktype":599},"https://source.benchmarkminerals.com/video/watch/decoding-lithium-inventories-using-benchmarks-data-to-anticipate-price-moves",{"text":664,"type":581}," as a buffer and allowing Sigma to time shipments against ",{"text":666,"type":581,"marks":667},"price volatility",[668],{"type":596,"attrs":669},{"href":670,"uuid":49,"anchor":49,"target":49,"linktype":599},"https://source.benchmarkminerals.com/article/direct-spodumene-hedging-becomes-essential-amid-lithium-market-decoupling",{"text":609,"type":581},{"type":576,"attrs":673,"content":674},{"textAlign":49},[675],{"text":676,"type":581},"In late September, Sigma paused production at the mine to terminate contractor mining arrangements and move to an owner-operator model, increase its mining fleet size, and incorporate the Greentech 3.0 dense media separation plant which is reported to have recovery rates above 70%. During this time, Sigma has focused on selling inventory.",{"type":576,"attrs":678,"content":679},{"textAlign":49},[680],{"text":681,"type":581},"The pause meant the full phase 1 nameplate capacity of 270ktpa (36ktpa LCE) was not fully available to the market in 2025. Sigma’s Phase 2 increase to 520ktpa (72ktpa LCE) has also been pushed to the end of 2026, further reducing available Brazilian tonnes.",{"type":576,"attrs":683,"content":684},{"textAlign":49},[685],{"text":686,"type":581},"So far in January 2026, Sigma has supplemented its sales of concentrate inventory with the sale of lower-grade lithium fines. It sold 100kt of lithium fines at around US$125 per tonne, generating roughly US$11 million, while disclosing a remaining fines stockpile of approximately 850kt tonnes on site. Such a strategy could signal liquidity concerns as Sigma is effectively destocking sub-economic material to bridge cash flow while it rebuilds run-rate mining volumes.",{"type":622,"attrs":688,"content":689},{"level":624,"textAlign":49},[690],{"text":691,"type":581},"What other challenges is Sigma Lithium facing in Brazil?",{"type":576,"attrs":693,"content":694},{"textAlign":49},[695],{"text":696,"type":581},"If the Brazilian Labour Ministry’s shutdown of three waste piles becomes a long term restriction, this could have operational impacts on Sigma as dry-stacked waste facilities are integral to normal stripping and processing.",{"type":576,"attrs":698,"content":699},{"textAlign":49},[700],{"text":701,"type":581},"Additionally, the Federal Public Ministry is pursuing legal action against Sigma Lithium seeking suspension of licences across the Jequitinhonha Valley, which could potentially also affect other companies such as CBL and AMG, citing alleged breaches of ILO Convention 169 (Indigenous and Tribal Peoples Convention) and water-related impacts. This raises the prospect of court-ordered curtailments that sit outside corporate control.",{"type":622,"attrs":703,"content":704},{"level":624,"textAlign":49},[705],{"text":706,"type":581},"What impact could this have on prices?",{"type":576,"attrs":708,"content":709},{"textAlign":49},[710,712,718],{"text":711,"type":581},"For the wider sector, especially ",{"text":713,"type":581,"marks":714},"Chinese converters",[715],{"type":596,"attrs":716},{"href":717,"uuid":49,"anchor":49,"target":49,"linktype":599},"https://source.benchmarkminerals.com/article/spodumene-prices-pressure-processors",{"text":719,"type":581},", issues at Grota do Cirilo translate into fewer reliable, high-grade Brazilian tonnes in 2026 than headline capacity projections would imply. This increases China’s reliance on existing Australian and emerging African sources and reduces short-term supply elasticity just as demand continues to rise. Between January and October 2025, Brazil accounted for ~5% of China’s spodumene concentrate imports.",{"type":576,"attrs":721,"content":722},{"textAlign":49},[723,725,730],{"text":724,"type":581},"As previously reported, reduced supply elasticity means that ",{"text":726,"type":581,"marks":727},"price becomes the primary balancing force",[728],{"type":596,"attrs":729},{"href":607,"uuid":49,"anchor":49,"target":49,"linktype":599},{"text":731,"type":581}," for the market.","Three waste piles from Sigma Lithium’s Grota do Cirilo lithium mine in Brazil have been shut down following a government inspection which found them to pose a risk to workers and the local community. Although Sigma contests the ruling, this adds an extra layer of difficulty for the miner which had only just ramped production ...",[734],{"slug":735,"name":736,"content":737},"federico-gay","Federico Gay",{"job_title":738,"image":739,"bio":741,"linkedin":742,"markets_covered":8},"Principal Analyst - Lithium",{"filename":740},"https://a.storyblok.com/f/287943243085208/512x512/599762cb57/federico-gay.jpeg","Federico is an economic geologist specializing in lithium at Benchmark Mineral Intelligence. His expertise bridges technical and financial domains, with a background that spans deposit assessment, resource estimation, cost modelling, pricing trends, and ESG analysis. Federico’s career includes hands-on mining experience in Chile across lithium and copper deposits, as well as market-facing roles at the London Stock Exchange, focusing on lithium, precious metals and copper. His work supports strategic insights into the global energy transition and critical mineral supply chains. He holds a MSc in Economic Geology from Universidad Catolica del Norte, Chile.","https://www.linkedin.com/in/federico-gaston-gay-1aa629160/","article",[745,748],{"slug":746,"name":747},"critical-minerals","Critical Minerals",{"slug":749,"name":8},"lithium","public",{"id":752,"alt":620,"name":620,"focus":620,"title":620,"source":620,"filename":753,"copyright":620,"fieldtype":754,"meta_data":755,"is_external_url":50},136731724972053,"https://a.storyblok.com/f/287943243085208/1588x1478/b58afede39/social-sigma-brazil-2x.png","asset",{},{"id":757,"alt":620,"name":620,"focus":620,"title":620,"source":620,"filename":758,"copyright":620,"fieldtype":754,"meta_data":759,"is_external_url":50},136731839868957,"https://a.storyblok.com/f/287943243085208/1200x675/deb611db7d/sigma-160223-24.jpg",{},"Three waste piles from Sigma Lithium’s Grota do Cirilo lithium mine in Brazil have been shut down following a government inspection which found them to pose a risk to workers and the local community. 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