Australia's Sayona Mining will buy U.S.-based Piedmont Lithium in an all-stock deal that will consolidate its Canadian operations and strengthen its exposure to the North American electric vehicle sector,

Sayona Mining agreed to buy North Carolina-based Piedmont Lithium to create a top North American lithium producer that can better withstand swings in the fast-growing lithium market.

Australia’s Sayona Mining on Tuesday announced an all-stock merger with US-based Piedmont Lithium, forming the largest hard rock lithium producer in North America. The merger is designed to create a more resilient company,