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Piedmont Lithium stock jumps after getting permit to start mine construction

Published 04/15/2024, 01:56 PM
Updated 04/15/2024, 01:58 PM
© Reuters.  Piedmont Lithium (PLL) stock jumps after getting permit to start mine construction

Piedmont Lithium's (PLL) share price rose more than 18% Monday after it announced a milestone in the development of its Carolina Lithium project.

The North Carolina Department of Environmental Quality’s Division of Energy, Mineral, and Land Resources (DEMLR) has granted approval for Piedmont’s mining permit, paving the way for the proposed project's construction and operation.

The approval comes after a review of Piedmont’s application, which was submitted in August 2021. This milestone represents a major step forward for the company and underscores its commitment to advancing sustainable lithium production within the US, a critical element in the electric vehicle (EV) supply chain.

"This is an exciting day for all of us at Piedmont Lithium," remarked Keith Phillips, President and CEO of Piedmont Lithium. “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 Carolina Lithium project, located in Gaston County, North Carolina, is positioned within the Carolina Tin-Spodumene Belt and the US Battery Belt.

"Technical studies have demonstrated that Carolina Lithium could be a low-cost producer of spodumene concentrate and lithium hydroxide," continued Phillips.

"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,” added Phillips.

The Carolina Lithium project is expected to generate billions of dollars in economic output and create several hundred jobs, further boosting North Carolina's role in the clean energy transition.

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