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Transition Supply Chains",{"filename":572},"https://a.storyblok.com/f/287943243085208/800x800/66d6674fb8/benjamin-roche.png","Benjamin is Benchmark's Editor for Energy Transition Supply Chains, covering both upstream products like critical minerals and downstream products including energy storage systems and electric vehicles. He has previous experience covering trade flows, tariffs and the effects of geopolitics on supply chains.","https://www.linkedin.com/in/benjaminrochecontent/",{"type":576,"content":577},"doc",[578,606,637,668,676,684,699,709,717,725,735,743,751,759,771,779,787,795,807,817,826],{"type":579,"attrs":580,"content":581},"paragraph",{"textAlign":49},[582,590,601],{"text":583,"type":584,"marks":585},"Benchmark’s July visit to Sigma Lithium's Grota do Cirilo operation in Minas Gerais, ","text",[586],{"type":587,"attrs":588},"textStyle",{"color":589},"#000000",{"text":555,"type":584,"marks":591},[592,599],{"type":593,"attrs":594},"link",{"href":595,"uuid":596,"anchor":49,"target":597,"linktype":598},"/videos/regional-focus-presentation-the-growing-role-of-brazilian-critical-minerals-in-securing-global-supply","154f7eaa-5f39-4eb7-96a8-f5651c3393a2","_self","story",{"type":587,"attrs":600},{"color":589},{"text":602,"type":584,"marks":603},", came just before the company reported its strongest operating quarter in over a year.",[604],{"type":587,"attrs":605},{"color":589},{"type":579,"attrs":607,"content":608},{"textAlign":49},[609,618,623,632],{"text":610,"type":584,"marks":611},"Sigma Lithium",[612,616],{"type":593,"attrs":613},{"href":614,"uuid":615,"anchor":49,"target":597,"linktype":598},"/videos/sigma-lithium-on-building-out-lithium-production-in-brazil","83c4fec3-0711-4ab3-8511-8db1a6dda660",{"type":587,"attrs":617},{"color":589},{"text":619,"type":584,"marks":620}," had paused operation at the mine in October 2025 for upgrades, though the restart was complicated by three waste piles at the site being shut down following a, now-resolved, ",[621],{"type":587,"attrs":622},{"color":589},{"text":624,"type":584,"marks":625},"government inspection at the start of 2026",[626,630],{"type":593,"attrs":627},{"href":628,"uuid":629,"anchor":49,"target":597,"linktype":598},"/article/sigmas-brazil-issues-could-tighten-lithium-supply-dynamics","843c52cb-18a1-43d5-88f6-fce666ba998b",{"type":587,"attrs":631},{"color":589},{"text":633,"type":584,"marks":634},".",[635],{"type":587,"attrs":636},{"color":589},{"type":579,"attrs":638,"content":639},{"textAlign":49},[640,649,654,663],{"text":641,"type":584,"marks":642},"Federico Gay",[643,647],{"type":593,"attrs":644},{"href":645,"uuid":646,"anchor":49,"target":597,"linktype":598},"/videos/what-is-the-outlook-for-lithium-in-latin-america","2e803866-775f-4d3e-b1b3-3a73823ba02d",{"type":587,"attrs":648},{"color":589},{"text":650,"type":584,"marks":651},", Benchmark’s principal lithium analyst, ",[652],{"type":587,"attrs":653},{"color":589},{"text":655,"type":584,"marks":656},"visited the site",[657,661],{"type":593,"attrs":658},{"href":659,"uuid":49,"anchor":49,"target":597,"linktype":660},"https://intelligence.benchmarkminerals.com/search?tags=Site%20visit","url",{"type":587,"attrs":662},{"color":589},{"text":664,"type":584,"marks":665}," mid-July to “establish whether the mining restart had genuinely taken hold”. The visit also offered a chance to see on the ground how the self-imposed restructuring of its mine, following a period of operational bottlenecks, resulted in a significant operational turnaround",[666],{"type":587,"attrs":667},{"color":589},{"type":579,"attrs":669,"content":670},{"textAlign":49},[671],{"text":672,"type":584,"marks":673},"“On the evidence in front of us,” Gay said, “the mine is operating at full capacity, with active blasting, continuous load and haul operations on both pits, supported by a fully functioning DMS plant, with a clear path of growth ahead.\"",[674],{"type":587,"attrs":675},{"color":589},{"type":579,"attrs":677,"content":678},{"textAlign":49},[679],{"text":680,"type":584,"marks":681},"On the back of the visit, Benchmark now expects sustained volume growth at the site.",[682],{"type":587,"attrs":683},{"color":589},{"type":579,"attrs":685,"content":686},{"textAlign":49},[687,695],{"type":688,"attrs":689},"image",{"id":690,"alt":691,"src":692,"title":693,"source":691,"copyright":691,"meta_data":694},201523956951052,"","https://a.storyblok.com/f/287943243085208/1600x1200/a90db059b9/sigma-trucks-july-2026.jpg","Trucking and mining activities were observed at Sigma's Brazil Lithium mine",{"alt":691,"title":693,"source":691,"copyright":691},{"text":693,"type":584,"marks":696},[697],{"type":698},"italic",{"type":700,"attrs":701,"content":703},"heading",{"level":702,"textAlign":49},2,[704],{"text":705,"type":584,"marks":706},"Sigma’s performance",[707],{"type":587,"attrs":708},{"color":589},{"type":579,"attrs":710,"content":711},{"textAlign":49},[712],{"text":713,"type":584,"marks":714},"Sigma reported Q2 concentrate production of 35kt, 6% ahead of its 33kt guidance, with the plant running at a 70% recovery of lithium from spodumene and the expanded fleet at full run-rate. The company now expects Phase 1 to supply an annualised 240,000tpa, roughly 89% of its 270,000tpa nameplate.",[715],{"type":587,"attrs":716},{"color":589},{"type":579,"attrs":718,"content":719},{"textAlign":49},[720],{"text":721,"type":584,"marks":722},"From October 2025, Sigma demobilised its mine to bring load-and-haul in-house, while also upgrading the fleet, incorporating 80 tonnes trucks to upgrade the current 35-40 tonnes currently operating. Concentrate output fell to roughly 3kt in Q4 2025, and the plant was kept running on stockpiled material. The first quarter of 2026 still carried a US$7.7m idle-capacity charge. The March MD&A disclosed a going-concern note, which was a negative working capital of US$144.5m, with cash around US$3.9m at quarter-end. The episode fed mounting scrutiny from analysts and investors, and the company’s shares are down more than 20% this year.",[723],{"type":587,"attrs":724},{"color":589},{"type":726,"attrs":727},"blok",{"id":728,"body":729},"af401e72-7dd5-4e38-91c8-e0ce87cd74e9",[730],{"id":731,"_uid":732,"type":733,"component":734,"fixed_height":691,"use_fixed_height":50,"fixed_height_mobile":691,"fixed_height_tablet":691},"29770870","i-e24b95cd-a36f-4d30-94fb-8d1ad26d85c0","visualisation","ContentFlourish",{"type":579,"attrs":736,"content":737},{"textAlign":49},[738],{"text":739,"type":584,"marks":740},"\"What the site visit confirmed is that the bet has largely paid off operationally, even if the balance sheet is still catching up,” Gay said.",[741],{"type":587,"attrs":742},{"color":589},{"type":579,"attrs":744,"content":745},{"textAlign":49},[746],{"text":747,"type":584,"marks":748},"Grota do Cirilo continues to process its ore into concentrate through dense media separation (DMS) that runs 100% on renewable power and doesn’t require any chemical reagents. The waste piles are dry-stacked, which also helps lower impact and minimizes potential geotechnical stability issues.",[749],{"type":587,"attrs":750},{"color":589},{"type":579,"attrs":752,"content":753},{"textAlign":49},[754],{"text":755,"type":584,"marks":756},"\"That placement is intact, and it is what has carried the business through after some tough months,\" Gay said. He cautioned, however, that the company's sustaining-cost figure excludes environmental, social and financial expenses. Sigma has revised its cost guidance up this year on higher diesel prices and a stronger Brazilian real. The company has also faced allegations earlier in the year from local labour inspectors about the safety of the stockpiles, although this situation has been cleared.",[757],{"type":587,"attrs":758},{"color":589},{"type":579,"attrs":760,"content":761},{"textAlign":49},[762,768],{"type":688,"attrs":763},{"id":764,"alt":691,"src":765,"title":766,"source":691,"copyright":691,"meta_data":767},201523957037069,"https://a.storyblok.com/f/287943243085208/1600x1200/67cabc7c99/sigma-dms-july-2026.jpg","DMS circuit at Sigma Lithium's site",{"alt":691,"title":766,"source":691,"copyright":691},{"text":766,"type":584,"marks":769},[770],{"type":698},{"type":700,"attrs":772,"content":773},{"level":702,"textAlign":49},[774],{"text":775,"type":584,"marks":776},"What Benchmark will be watching",[777],{"type":587,"attrs":778},{"color":589},{"type":579,"attrs":780,"content":781},{"textAlign":49},[782],{"text":783,"type":584,"marks":784},"While the recent recovery suggests operations are back to a sustainable footing, Benchmark will be closely monitoring the feasibility of meeting annual guidance. Key to this will be how the updated mine sequencing is executed to offset the months of lost production.",[785],{"type":587,"attrs":786},{"color":589},{"type":579,"attrs":788,"content":789},{"textAlign":49},[790],{"text":791,"type":584,"marks":792},"On the financial side, recent announcements indicate that total debt is down 21% year-on-year to US$134m and the restart is being funded by offtake advances rather than fresh equity. Phase 2 is targeted by end-2027, subject to financing. Sigma Lithium is expected to continue benefiting from low costs and, geologically speaking, resources are abundant and well-understood at Grota do Cirilo. Financing and logistical bottlenecks are the main difficulties to surpass, but growth potential remains intact.",[793],{"type":587,"attrs":794},{"color":589},{"type":579,"attrs":796,"content":797},{"textAlign":49},[798,804],{"type":688,"attrs":799},{"id":800,"alt":691,"src":801,"title":802,"source":691,"copyright":691,"meta_data":803},201523957073935,"https://a.storyblok.com/f/287943243085208/1600x1200/42c0fd7399/sigma-pit-july-2026.jpg","Grota do Cirilo is operating in two different pits in parallel",{"alt":691,"title":802,"source":691,"copyright":691},{"text":802,"type":584,"marks":805},[806],{"type":698},{"type":579,"attrs":808,"content":809},{"textAlign":49},[810,812],{"text":811,"type":584},"S",{"text":813,"type":584,"marks":814},"igma has disclosed US$540,000 in SUPRAM environmental fines (largely 2013 to 2022 legacy issues, which it denies) and begun negotiating a settlement with the Minas Gerais state government, and estimates roughly US$1m of capex to complete the agreed environmental adjustments. The cash impact is immaterial against the balance-sheet position, but the reference to some activities being 'partially and temporarily' suspended is a near-term H2 execution risk we will monitor, and does not change our view that the operational turnaround is genuine.",[815],{"type":587,"attrs":816},{"color":589},{"type":579,"attrs":818,"content":819},{"textAlign":49},[820],{"text":821,"type":584,"marks":822},"This insight is draws from Benchmark's Lithium Service as well as one of Benchmark's expert analysts visiting the site. To learn more about our Services and our boots-on-the-ground expertise, fill out the form below and one of the team will be in touch.",[823,825],{"type":587,"attrs":824},{"color":589},{"type":698},{"type":726,"attrs":827},{"id":728,"body":828},[829],{"id":830,"_uid":831,"component":832,"wrap_in_box":50,"redirect_url":833,"success_file":835,"default_height":691,"success_message":691,"v2_hubspot_form":50,"success_sub_text":691,"hidden_field_values":838,"show_on_intelligence":50},"57a99950-73f5-48be-98a4-7324c28e5d0b","i-535eed65-9cc6-4279-9f47-0cd962b9948f","ContentHubspotForm",{"id":691,"url":691,"linktype":598,"fieldtype":834,"cached_url":691},"multilink",{"id":49,"alt":49,"name":691,"focus":49,"title":49,"source":49,"filename":691,"copyright":49,"fieldtype":836,"meta_data":837},"asset",{},[],"Benchmark’s July visit to Sigma Lithium's Grota do Cirilo operation in Minas Gerais, Brazil, came just before the company reported its strongest operating quarter in over a year.\n\nSigma Lithium had paused operation at the mine in October 2025 for upgrades, though the restart was complicated by three waste piles at the site being shut down following a, now-resolved, government inspection at the start of 2026.\n\nFederico Gay, Benchmark’s principal lithium analyst, visited the site mid-July to “establish whether the mining restart had genuinely taken hold”. The visit also offered a chance to see on the ground how the self-imposed restructuring of its mine, following a period of operational bottlenecks, resulted in a significant operational turnaround\n\n“On the evidence in front of us,” Gay said, “the mine is operating at full capacity, with active blasting, continuous load and haul operations on both pits, supported by a fully functioning DMS plant, with a clear path of growth ahead.\"",[841],{"slug":842,"name":641,"content":843},"federico-gay",{"job_title":844,"image":845,"bio":847,"linkedin":848,"markets_covered":8},"Principal Analyst - Lithium",{"filename":846},"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","Site visit: Sigma’s lithium mine operating after restructuring",[852,854,857],{"slug":853,"name":8},"lithium",{"slug":855,"name":856},"critical-minerals","Critical Minerals",{"slug":858,"name":859},"raw-materials","Raw Materials","private",{"id":49,"alt":49,"name":691,"focus":49,"title":49,"source":49,"filename":691,"copyright":49,"fieldtype":836,"meta_data":862},{},{"id":864,"alt":691,"name":691,"focus":691,"title":865,"source":691,"filename":866,"copyright":691,"fieldtype":836,"meta_data":867,"is_external_url":50},201527050283500,"Spodumene concentrate 5% stockpile. The visit showed active trucking activity both at the mine site and transport to port.","https://a.storyblok.com/f/287943243085208/1600x1200/e2f75f17b8/sigma-spod-pile-july-2026.jpg",{"alt":691,"title":865,"source":691,"copyright":691},"The visit also offered a chance to see on the ground how the self-imposed restructuring of its mine, following a period of operational bottlenecks, resulted in a significant operational turnaround.","Jul 24, 2026","24th July 2026",[],[],1784908345544]