“This is an exciting day for all of us at Piedmont Lithium. I would like to thank the leadership and staff at NCDEQ and (the Division of Energy, Mineral and Land Resources) for their diligence in the process, as well as the members of our team who worked rigorously for more than two and a half years to ensure that every aspect of the Project met the state’s high standards for approval,” Keith Phillips, the company’s president and CEO, said in a press release.
The permit allows for the construction, operation and reclamation of the proposed project, with the Belmont-based company planning to develop Carolina Lithium as a key part of the US supply chain for electric vehicles (EVs).
“We plan to develop Carolina Lithium as one of the lowest-cost, most sustainable lithium hydroxide operations in the world, and as a critical part of the American electric vehicle supply chain. The Project is expected to contribute billions of dollars of economic output and several hundred jobs to Gaston County and North Carolina’s growing electrification economy,” Phillips added, noting that he sees the asset as “a highly strategic project.”
Carolina Lithium is set to be a low-cost producer of spodumene concentrate and lithium hydroxide, and will benefit from favorable infrastructure, minimal transportation distances and access to local markets. It is also slated to be one of the lowest-cost and most sustainable lithium hydroxide operations globally, according to the company.
Shares of Piedmont spiked more than 35 percent on the Nasdaq after Monday’s news. With the mining permit approval for Carolina Lithium now in hand, it will proceed with the county rezoning process, engaging with the local community and authorities. Construction will start upon receipt of all necessary permits, rezoning approvals and financing.
As the world shifts toward clean energy, the US is gearing up to play a larger role in the North American lithium supply chain, crucial for powering the EVs and electronics of the future. Traditionally reliant on imports, primarily from Chile, Argentina and Canada, the country is looking to develop its own lithium resources to bolster energy security.
Furthermore, initiatives such as the Clean Energy Minerals Reform Act, spearheaded by New Mexico Senator Martin Heinrich, aim to address regulatory challenges and ensure responsible mining practices.
The project, situated adjacent to the largest-proven lithium reserves in North America, aims to produce about 40,000 metric tons per year of battery-grade lithium carbonate for use in lithium-ion batteries.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Leave a Reply