Piedmont Lithium Inc - PLL STOCK NEWS

Piedmont Lithium has received the Conditional Major Non-Title V Construction and Air Permit for its Tennessee Lithium project, allowing them to begin construction. The project aims to manufacture 30,000 metric tons per year of lithium hydroxide, tripling current domestic production. The company's robust feasibility study showed a net present value of $2.5 billion and an internal rate of return of 32%. They have also secured a $141.7 million grant from the Department of Energy. Hiring is expected to begin in H2 2023.

Piedmont Lithium announces the release of technical studies by partners Atlantic Lithium and Sayona Mining for the Ewoyaa Lithium Project in Ghana and the North American Lithium project in Quebec, respectively. The studies show a production target of 340,000 metric tons per year of spodumene concentrate for Ewoyaa and the ramping up of operations at NAL for first commercial shipments in Q3 2023. Piedmont Lithium expects to earn a 50% ownership interest in Ewoyaa.

Piedmont Lithium has announced the results of its Definitive Feasibility Study (DFS) for the proposed Tennessee Lithium project in McMinn County, Tennessee. The study predicts a post-tax Net Present Value (NPV) of $2.5 billion and an after-tax Internal Rate of Return (IRR) of 32% over a 30-year project life. The plant aims to produce 30,000 metric tons of lithium hydroxide annually using advanced Metso:Outotec technology. Average annual EBITDA is estimated at $376 million, and after-tax cash flow should reach $317 million. This is bolstered by the Inflation Reduction Act's production tax credit. Construction is targeted for 2024, with favorable site conditions and infrastructure to support rapid development.

Piedmont Lithium Inc. announced developments from its joint venture with Sayona Mining regarding the North American Lithium (NAL) project in Quebec. A definitive feasibility study (DFS) has been completed, projecting an average spodumene concentrate production of 190,000 metric tons per year over 20 years, with a higher initial target of 226,000 metric tons in the first four years. Additionally, Sayona's Moblan Lithium Project has seen a rise in measured and indicated mineral resources to 41.1 million metric tons at 1.32% Li₂O. Piedmont's agreements with LG Chem and Tesla for concentrate supply beginning in H2 2023 signal a robust demand outlook.

The demand for lithium is expected to surge due to increasing energy storage needs driven by urbanization and industrialization. Advances in mining technology, such as direct extraction methods, enhance the efficiency and sustainability of lithium production. According to Fortune Business Insights, the global lithium mining market is projected to reach $516.22 million by 2028, growing at a CAGR of 6%. Major countries involved in lithium production include the US, Canada, Australia, and Chile, with Australia holding the largest market share. Active mining stocks include Livent Corporation (NYSE: LTHM), American Lithium Corp. (NASDAQ: AMLI), and Piedmont Lithium Inc. (NASDAQ: PLL). Recent developments highlight the potential for increased lithium resources and production capacity across North America, reinforcing the importance of lithium in the electric vehicle and battery sectors.