Sigma Lithium Receives Initiation Letter Of Arbitration By LG – Energy Solution From Icdr.
Sigma Lithium Corporation (“Sigma Lithium” or the “Company“) (NASDAQ: SGML, BVMF: S2GM34, TSXV: SGML), a leading global lithium producer dedicated to powering the next generation of electric vehicles with carbon neutral, socially and environmentally sustainable lithium concentrate, announces today that the Company and its subsidiary, Sigma Mineração S.A., have received on March 18th, 2024 an Initiation Letter of Arbitration by LG Group subsidiary, LG Energy Solution, Ltd. (“LG-ES“) from the International Centre for Dispute Resolution of the American Arbitration Association.
In its request for arbitration, LG-ES is alleging that Sigma Lithium is in breach of certain provisions in connection with the Term-Sheet dated October 5, 2021 relating to offtake arrangements for the purchase of lithium concentrate from the Company. The Term-Sheet was subject to, amongst other things, completion of the negotiation of definitive written agreements between the parties.
The Company believes the claims are completely without merit and intends to defend its interests vigorously. The Company is subject to confidentiality obligations regarding these matters, and it will abstain from commenting further on these proceedings unless required by applicable law.
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Sigma Lithium continues to maintain a good relationship with LG Group, welcoming on a site visit from March 11th to March 13th 2024 a delegation from LG Group’s trading affiliate LX International organized by KOMIR (a mining agency under Korea’s Ministry of Trade, Industry, and Energy) with the purpose of initiating a commercial relationship.
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Sigma Lithium Receives Initiation Letter Of Arbitration By LG – Energy Solution From Icdr. source
