Piedmont Lithium (“Piedmont” or the “Company”) (Nasdaq: PLL;
ASX: PLL), a leading North American supplier of lithium
products critical to the U.S. electric vehicle supply chain, today
announced that the North Carolina Department of Environmental
Quality’s (“NCDEQ”) Division of Energy, Mineral, and Land Resources
(“DEMLR”) has issued an approval of our mining permit for the
construction, operation, and reclamation of the proposed Carolina
Lithium project (the “Project”) in Gaston County, North Carolina.
DEMLR provided the permit approval following a thorough review of
the application submitted by Piedmont on August 30, 2021. The
mining permit is subject to conditions both customary and specific
to our type of project.
“This is an exciting day for all of us at Piedmont Lithium. I
would like to thank the leadership and staff at NCDEQ and DEMLR for
their diligence in the process, as well as the members of our team
who worked rigorously for more than two and a half years to ensure
that every aspect of the Project met the state’s high standards for
approval,” said Piedmont Lithium President and CEO Keith Phillips.
“We plan to develop Carolina Lithium as one of the lowest-cost,
most sustainable lithium hydroxide operations in the world, and as
a critical part of the American electric vehicle supply chain. The
Project is expected to contribute billions of dollars of economic
output and several hundred jobs to Gaston County and North
Carolina’s growing electrification economy.
“Carolina Lithium is a highly strategic project,” continued Mr.
Phillips. “Located within both the renowned Carolina Tin-Spodumene
Belt and the U.S. Battery Belt, the Project is being designed as a
fully integrated mining, spodumene concentrate, and lithium
hydroxide manufacturing operation. There are currently no such
integrated sites operating anywhere in the world, and the economic
and environmental advantages of this strategy are compelling.
“Technical studies have demonstrated that Carolina Lithium could
be a low-cost producer of spodumene concentrate and lithium
hydroxide, benefitting from exceptional infrastructure, minimal
transportation distances, low energy costs, a deep local talent
pool, and proximity to cathode and battery customers as well as
local markets for the monetization of by-product industrial
minerals. The Project is further advantaged by the competitive
corporate tax regime offered in the United States, the absence of
significant royalties, and the benefits inherent in the Inflation
Reduction Act of 2022. After-tax returns are what matter, and we
are not aware of any jurisdiction that better combines the benefits
of significant spodumene resources, deep customer markets, and low
royalty and income tax rates.
“The North Carolina mining permit approval is the precursor for
the county rezoning process, and we look forward to continued
engagement with the local community and the Gaston County Board of
Commissioners. Construction would commence following receipt of all
required permits, rezoning approvals, and project financing
activities. We have had extensive and ongoing dialogue with
possible funding sources for Carolina Lithium, including the U.S.
Department of Energy’s Loan Programs Office and strategic parties
who could provide some combination of capital, offtake, and
technical support,” said Mr. Phillips. “We have been encouraged by
those discussions and will endeavor to put in place a strong
funding plan that will maximize value for Piedmont
shareholders.”
About Piedmont Lithium
Piedmont Lithium Inc. (Nasdaq: PLL; ASX: PLL) is developing a
world-class, multi-asset, integrated lithium business focused on
enabling the transition to a net zero world and the creation of a
clean energy economy in North America. Our goal is to become one of
the largest lithium hydroxide producers in North America by
processing spodumene concentrate produced from assets where we hold
an economic interest. Our projects include our Carolina Lithium and
Tennessee Lithium projects in the United States and partnerships in
Quebec with Sayona Mining (ASX: SYA) and in Ghana with Atlantic
Lithium (AIM: ALL; ASX: A11). We believe these geographically
diversified operations helps us to play a pivotal role in
supporting America’s move toward energy independence and the
electrification of transportation and energy storage. For more
information, follow us on Twitter @PiedmontLithium and visit
www.piedmontlithium.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of or as described in securities legislation in the
United States and Australia, including statements regarding
exploration, development construction, production, and ramp up
activities or the timing of these activities, of Sayona Mining,
Atlantic Lithium and Piedmont, including regarding operating cost
improvements, regulatory approvals or permits or the timing
thereof, project spend, timing of completion of capital projects
and the effects of such projects, timing of planned deliveries and
ability to improve productivity; current plans for Piedmont’s
mineral and chemical processing projects; Piedmont’s potential
acquisition of an ownership interest in Ewoyaa, including financing
options, the timing of final investment decisions and project
spend; strategy; market cycles; lithium prices; equity values;
costs of new project developments; lithium shortages; lithium
market recovery; certain Company approvals, permitting, partnering
and debt funding discussions; a recently completed workforce
reduction; expense management and possible or assumed future
financial results or financial condition. Such forward-looking
statements involve substantial and known and unknown risks,
uncertainties, and other risk factors, many of which are beyond our
control, and which may cause actual timing of events, results,
performance or achievements and other factors to be materially
different from the future timing of events, results, performance,
or achievements expressed or implied by the forward-looking
statements. Such risk factors include, among others: (i) that
Piedmont, Sayona Mining or Atlantic Lithium may be unable to
commercially extract mineral deposits, (ii) that Piedmont’s, Sayona
Mining’s or Atlantic Lithium’s properties may not contain expected
reserves, (iii) risks and hazards inherent in the mining business
(including risks inherent in exploring, developing, constructing
and operating mining projects, environmental hazards, industrial
accidents, weather or geologically related conditions), (iv)
uncertainty about Piedmont’s ability to obtain required capital to
execute its business plan, (v) Piedmont’s ability to hire and
retain required personnel, (vi) changes in the market prices of
lithium and lithium products, (vii) changes in technology or the
development of substitute products, (viii) the uncertainties
inherent in exploratory, developmental and production activities,
including risks relating to permitting, zoning and regulatory
delays related to our projects as well as the projects of our
partners in Quebec and Ghana, (ix) uncertainties inherent in the
estimation of lithium resources, (x) risks related to competition,
(xi) risks related to the information, data and projections related
to Sayona Mining or Atlantic Lithium, (xii) occurrences and
outcomes of claims, litigation and regulatory actions,
investigations and proceedings, (xiii) risks regarding our ability
to achieve profitability, enter into and deliver product under
supply agreements on favorable terms, our ability to obtain
sufficient financing to develop and construct our projects, our
ability to comply with governmental regulations and our ability to
obtain necessary permits, (xiv) our ability to deliver on our
expense management efforts and other cost improvements expected
upon completion of key capital projects as well as our future cash
payments associated with these initiatives and potential future
impairment charges and (xv) other uncertainties and risk factors
set out in filings made from time to time with the U.S. Securities
and Exchange Commission (“SEC”) and the Australian Securities
Exchange, including Piedmont’s most recent filings with the SEC.
The forward-looking statements, projections and estimates are given
only as of the date of this press release and actual events,
results, performance, and achievements could vary significantly
from the forward-looking statements, projections and estimates
presented in this press release. Readers are cautioned not to put
undue reliance on forward-looking statements. Piedmont disclaims
any intent or obligation to update publicly such forward-looking
statements, projections, and estimates, whether as a result of new
information, future events or otherwise. Additionally, Piedmont,
except as required by applicable law, undertakes no obligation to
comment on analyses, expectations or statements made by third
parties in respect of Piedmont, its financial or operating results
or its securities.
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version on businesswire.com: https://www.businesswire.com/news/home/20240415485352/en/
Erin Sanders SVP, Corporate Communications & Investor
Relations T: +1 704 575 2549 E: esanders@piedmontlithium.com
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