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SEC filingSigma Lithium is negotiating a TAC agreement with Minas Gerais to settle environmental fines and denied wrongdoing, while noting it beat 2Q production guidance.
Sigma Lithium announced it is negotiating a TAC (Termo de Ajuste de Conduta) agreement with the Minas Gerais State Government to settle a notification by the environmental state body SUPRAM. The notification involved fines totaling approximately US$540,000 for issues from 2013 to 2022, which the company vehemently denies. The TAC agreement is expected to require an estimated capex of US$1,000,000 to enable resumption of partially suspended activities. In a separate context, the company also reported that it beat its 2Q production guidance, coinciding with the launch of a negative media campaign which Sigma Lithium attributes to a pattern of false information following positive news. The company is in contact with securities authorities regarding the timing of negative news flow.