Ex-Goldman banker turned lithium CEO vows to ride out slump

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Ex-Goldman banker turned lithium CEO vows to ride out slump
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After a 22-year career in banking that took her from Sao Paulo to New York, London and Johannesburg, Ana Cabral was ready to regain control of her schedule, spend time with her children and become an investor.

David Deckelbaum, managing director and senior analyst at TD Cowen, talks about Sayona Mining has completed a merger with Piedmont Lithium.

“The joke in the industry is I’m the longest serving temporary CEO because it’s so brutal,” Cabral said in an interview in Sao Paulo. “My peers from that vintage are gone. They retired, they’re moving elsewhere, they’re doing other things.” On LinkedIn she frequently posts glass-half-full comments about the industry, commending both government officials and rival companies. The feed is full of clips and photos from her dizzying agenda of events and panel discussions around the world.

As Brazil prepares to host the UN Climate Change Conference next year, Cabral’s mission complements President Luiz Inacio Lula da Silva’s attempts to position the country at the forefront of energy transition and climate solutions while refusing to pick sides between global superpowers. She founded A10 Investimentos in Sao Paulo with long-time friend and finance veteran Marcelo Paiva in 2013. After initially focusing on M&A advisory, they identified lithium as a promising investment.

After years of geological and feasibility studies, the Grota do Cirilo mine was gearing up to finally begin production. Around that time, Sigma hired Bank of America Corp. to carry out a strategic review, with the firm saying it had fielded interest from companies in the energy, auto and batteries industries.At the same time, Cabral’s marriage to Gardner had unraveled and what began as a private divorce proceeding became increasingly public.

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