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North American Lithium Receives Remaining Permit Required to Restart Mining Operations
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
Piedmont Lithium has announced the issuance of the final permit needed to restart operations at its Quebec-based North American Lithium (NAL) site. Production of spodumene concentrate is anticipated to begin in H1 2023, with commercial shipments potentially commencing in Q3 2023. The company holds an offtake agreement for 113,000 tons per year or 50% of production at a ceiling price of US$900 per metric ton. Piedmont aims to become a leading lithium hydroxide producer in North America, supporting the electric vehicle supply chain.
Positive
Final permit for NAL site issued, enabling restart of operations.
Spodumene concentrate production expected to start in H1 2023.
Potential for revenue generation from shipments as early as Q3 2023.
Offtake agreement secures 113,000 tons per year or 50% of production at a ceiling price of US$900 per metric ton.
Negative
Pending actual operational results; future uncertainties remain.
Risks associated with lithium extraction and market price fluctuations.
Spodumene concentrate production from the Quebec-based operation is expected to begin in H1 2023 with shipments to customers as early as Q3 2023
BELMONT, N.C.--(BUSINESS WIRE)--
Piedmont Lithium (“Piedmont” or “Company”) (Nasdaq:PLL; ASX:PLL), a leading global developer of lithium resources critical to the U.S. electric vehicle supply chain, today announced that North American Lithium (“NAL”), an open pit mining and spodumene concentrate operation owned 75% by Sayona Mining (“Sayona”) (ASX:SYA) and 25% by Piedmont, was issued the last remaining permit required to restart operations at the Quebec site. Receipt of the key permit from Canada’s Department of Fisheries and Oceans paves the way for an expected restart of spodumene concentrate production in H1 2023.
Executive Vice President and Chief Operating Officer of Piedmont Patrick Brindle applauded the NAL management team for reaching this important milestone. “The diligent work of NAL management over the past year has resulted in the successful issuance of all the permits required to operate the Quebec mine and concentrator. With this final permit in place, we will continue to work with our partners at Sayona toward restart of commercial operations at NAL in 2023. Construction on site is advancing as are conversations with potential customers, and we look forward to delivering further news on operational readiness and spodumene concentrate sales in due course.”
Commercial shipments of spodumene concentrate from NAL could begin as early as Q3 2023, providing Piedmont with revenue generation from the operation. The Company holds an offtake agreement for the greater of 113,000 tons per year or 50% of spodumene concentrate production from NAL at a ceiling price of US$900 per metric ton on a life-of-mine basis.
The statements in the link below were prepared by, and made by, Sayona Mining. The following disclosures are not statements of Piedmont and have not been independently verified by Piedmont. Sayona Mining is not subject to U.S. reporting requirements or obligations, and investors are cautioned not to put undue reliance on these statements. Sayona Mining’s original announcement can be found here.
About Piedmont Lithium Piedmont Lithium (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). These geographically diversified operations will enable 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, and construction activities of Sayona Mining and Piedmont; current plans for Piedmont’s mineral and chemical processing projects; and strategy. 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 or Sayona Mining will be unable to commercially extract mineral deposits, (ii) that Piedmont’s or Sayona Mining’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, (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, and (xiv) 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.
