Piedmont Lithium (ASX:PLL) stocks accelerated 26% today as the company announced approval for a mining permit for its Carolina Lithium project in Gaston County, North Carolina, USA.
Piedmont was trading at 25c after the miner said the North Carolina Department of Environmental Quality’s (NCDEQ) Division of Energy, Mineral, and Land Resources (DEMLR) had granted approval for its application, which was submitted in August 2021, during a period of high lithium demand driven by the Electric Vehicle market.
The company’s share price reached an all-time high of $1.075 in February last year, but had since hit headwinds due to the downturn in lithium prices that pushed it into a steady decline.
“We aim to develop Carolina Lithium as one of the most cost-effective and sustainable lithium hydroxide operations globally, and as a crucial component of the American electric vehicle supply chain,” Piedmont Lithium President and CEO Keith Phillips said.
“The Project is expected to generate billions of dollars in economic output and create several hundred jobs in Gaston County and North Carolina’s burgeoning electrification economy.”
Situated in both the Carolina Tin-Spodumene Belt and the U.S. Battery Belt, the Project is designed to integrate mining, spodumene concentrate production, and lithium hydroxide manufacturing.
No similar integrated sites are operational worldwide, underscoring its significant economic and environmental advantages.
“Technical studies indicate that Carolina Lithium could become a low-cost producer of spodumene concentrate and lithium hydroxide, capitalising on excellent infrastructure, short transportation distances, low energy costs, local talent, and proximity to cathode and battery customers, as well as nearby markets for industrial mineral by-products,” Keith Phillips added.
Construction at the project will begin once all necessary permits, rezoning approvals, and project financing are secured.