Piedmont Lithium

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Piedmont Lithium
Nasdaq: PLL

Piedmont Lithium is an American mining company in the process of

proving economic mineral recovery of lithium at sites in North Carolina, Tennessee, Canada, and Ghana.[1][2]

Background

"The modern lithium-mining industry started in this

Albemarle Corp, is based in nearby Charlotte. As of March 2021, nearly all of Albemarle's lithium is extracted in Australia and Chile, which have large, accessible deposits of the metal"."[3] As of 2021, just one percent of global lithium supply is both mined and processed in the United States (3,150 t (6,940,000 lb)), while 233,550 t (514,890,000 lb) is produced in Australia and Chile.[3]

History

Piedmont Lithium Ltd was founded as an Australian company in 2016. Cofounders included Australian financier Taso Arima and US geologist Lamont Leatherman, who raised several million dollars of

surface rock in the late 2000s after thinking back to "the green-striped rocks in the yard of his childhood home in [the area]. The rocks contained rich veins of lithium."[3]

In September 2020, Piedmont signed a sales agreement with

SC6') from Piedmont's North Carolina deposit to Tesla."[5]

As of early 2021, Piedmont was

surface rock.[3]

With substantial demand growth for lithium occurring in the 2020s,[6] lithium mining and production companies are growing and some are experiencing marked increases in market valuation.[3] The stock prices of Piedmont Lithium, as well as Lithium Americas and MP Materials, increased substantially in early 2021 as a result of the increased importance of lithium to the global economy.[6]

In March 2021, Piedmont Lithium Ltd proposed a "re-domiciliation from Australia to the United States" under which a newly formed US corporation, Piedmont Lithium Inc, would acquire the Australian Company, if approved by the shareholders of Piedmont Lithium Ltd.[7] Shareholders approved the proposal on April 29, 2021.[8] and the company became redomiciled as a US corporation on May 17, 2021.[2]

The North Carolina state mining permit for the $1 billion Gaston County project and its 500-foot deep mine was issued on 15 April 2024.[1] A US$1 million reclamation bond will need to be posted before site work can begin, and a local zoning variance will need to be issued.[1]

References

  1. ^ a b c Scheyder, Ernest (April 15, 2024). "Tesla supplier Piedmont Lithium gets key North Carolina mining permit". Reuters. Retrieved April 16, 2024.
  2. ^ a b PIEDMONT LITHIUM INC. FORM 10-KT (Report). Securities and Exchange Commission. February 28, 2022. pp. 5–6. 001-38427. Retrieved November 15, 2023.
  3. ^
    Wall Street Journal. Archived
    from the original on March 12, 2021. Retrieved March 13, 2021.
  4. ^ Jamasmie, Cecilia (September 28, 2020). "Piedmont Lithium stock soars on confirmed Tesla deal". mining.com. Retrieved March 13, 2021.
  5. ^ Piedmont Lithium Signs Sales Agreement with Tesla, 28 September 2020, retrieved 14 March 2021.
  6. ^
    Motley Fool. Archived
    from the original on March 4, 2021. Retrieved March 13, 2021.
  7. ^ "Piedmont Lithium: Results of First Court Hearing". nasdaq.com. March 2, 2021. Retrieved March 13, 2021.
  8. ^ "Piedmont Lithium Announces Results Of Scheme Meeting". Business Wire. April 29, 2021. Retrieved May 1, 2021.

External links

Piedmont Lithium

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