The shares of Piedmont Lithium Inc. (NASDAQ: PLL) have commenced an upward trend this morning, surging by a notable 28.55% to attain $16.30 as of the last check in the pre-market session. The PLL shares have risen significantly following regulatory approval of a substantial mining permit, which has bolstered investor confidence.
Piedmont (PLL) announced today that it had received approval for its mining permit from the North Carolina Department of Environmental Quality (“NCDEQ”). It covers the construction, operation, and reclamation phases of Carolina Lithium’s proposed Gaston County project.
DEMLR’s decision to grant the permit resulted from a comprehensive assessment of Piedmont’s application on August 30, 2021. Mine permits are issued subject to customary as well as project-specific conditions. Over the past two and a half years, the Piedmont team has meticulously worked to ensure that all aspects of the Project meet the strict approval criteria of the state.
The goal of Carolina Lithium is to become one of the most cost-effective and environmentally sustainable lithium hydroxide operations globally, playing a pivotal role in the American electric vehicle supply chain. The Project is anticipated to yield billions of dollars in economic output and generate several hundred job opportunities for Gaston County and North Carolina’s burgeoning electrification economy.
Carolina Lithium stands as a strategically imperative endeavor, strategically positioned within the renowned Carolina Tin-Spodumene Belt and the U.S. Battery Belt. The Project is being meticulously crafted as a fully integrated mining, spodumene concentrate, and lithium hydroxide manufacturing facility.
Currently, no such integrated facilities are operational anywhere globally, underscoring the compelling economic and environmental advantages of this approach. The approval of the North Carolina mining permit marks the initial step in the county rezoning process.
Piedmont anticipates commencing construction subsequent to obtaining all requisite permits, rezoning approvals, and securing project financing. Piedmont has engaged in extensive and ongoing discussions with potential funding sources for Carolina Lithium.
Those also include the U.S. Department of Energy’s Loan Programs Office and strategic partners capable of providing a combination of capital, offtake agreements, and technical assistance.
