Piedmont Lithium’s (PLL) share price rose more than 18% on Monday after the company announced a major 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 approved a mining permit for Piedmont, clearing the way for construction and operation of the proposed project.
The approval came after reviewing Piedmont’s application, which was submitted in August 2021. This milestone represents an important step forward for the company and underscores its commitment to advancing sustainable production of lithium in the United States, a critical element in electric vehicles (EVs). supply chain.
“This is an exciting day for all of us at Piedmont Lithium,” said Keith Phillips, President and CEO of Piedmont Lithium. “We plan to grow Carolina Lithium as one of the lowest-cost and most sustainable lithium hydroxide production facilities in the world and as a critical part of the U.S. electric vehicle supply chain.”
The Carolina Lithium Project, located in Gaston County, North Carolina, is located within the Carolina Tin-Spodumene Belt and the U.S. Battery Belt.
“Technical studies have shown that Carolina Lithium can be a low-cost producer of spodumene concentrate and lithium hydroxide,” Phillips continued.
“We have had extensive and ongoing dialogue with Carolina Lithium’s possible funding sources, including the U.S. Department of Energy’s Office of Loan Programs and strategic parties that could provide some combination of capital, implementation and technical support,” Phillips added.
The Carolina Lithium Project is expected to generate billions of dollars in economic revenue and create hundreds of jobs, further enhancing North Carolina’s role in the clean energy transition.