The Montreal company is trying to cancel the sale of the La Corne mine to Sayona Quebec and its American partner Piedmont Lithium. This transaction was authorized Tuesday by the Superior Court of Quebec.
On Friday morning, Central America Nickel announced that it will file proceedings at the Quebec Court of Appeal to overturn Judge Martin Castonguay’s decision. The latter rejected his request to cancel the sale, replace the controller and restart a new tendering process.
Justice Castonguay argued in his ruling that the comptroller had a very broad mandate, that bidders had been treated fairly and that the transaction was in the best interests of those involved.
Central America Nickel remains convinced that the sales process overseen by Controller Raymond Chabot was compromised by various irregularities. The company, which was one of two qualified finalist bidders, maintains that the process was not fair and equitable to all bidders.
It also denounces the fact that Sayona Quebec does not do a secondary transformation of lithium in Quebec for five years and that it will export its lithium concentrates to the United States in the meantime.
The Central America Nickel offer represented the best option for Quebec with a better return for Investissement Quebec, the immediate transformation of lithium in the province and with the additional processing of rare earths, cobalt and nickel. In addition, we made sure that our proposal was the most competitive both from a financial and technical point of view.
, said Central America Nickel President and CEO Pierre Gauthier in a press release.
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