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Highlights:
- Piedmont Lithium Inc (ASX:PLL) and Sayona have restarted commercial production at the NAL project.
- Liontown Resources Limited (ASX:LTR) updated that Albemarle Corporation has almost doubled its shareholding in LTR.
- Novonix Limited (ASX:NVX) has inked a JV with TAQAT to advance and generate anode materials for EV in MENA.
The Australian equity benchmark S&P/ASX200 was trading up by 0.66% at 7,169.3 points on Friday, 31 March 2023, at around 12:49 pm AEDT. Though 10 out of the 11 ASX 200 Sub-sectors were trading in the green, the one which stole the show today was the S&P/ASX200 Materials index, which gained 1.449% to 18429.5 points at the time of drafting.
Keeping up with the positive market sentiment, ASX-listed battery material stocks also witnessed buying interest. Let’s find out why are three battery material/technology stocks--Piedmont Lithium Inc (ASX: PLL), Liontown Resources Limited (ASX: LTR), Novonix Limited (ASX: NVX)—rising today.
Piedmont Lithium Inc (ASX: PLL)
The developer of a world-class, multi-asset, integrated lithium business was marching higher on ASX by 4.142% at AU$0.880 on Friday at the time of drafting. The reason behind it can be attributed to its latest news regarding Sayona Mining Limited (ASX: SYA) and Piedmont’s successful resumption of commercial spodumene concentrate production at their jointly owned (SYR-75% holding, PLL- 25% holding) Quebec-based, North American Lithium (NAL) project.
The US$80 million recommencement of NAL was concluded promptly. It was also within the budget and the only primary source of new spodumene production anticipated in the North American region in two years. SYA aims towards 226K metric tons a year of annual production, with initial commercial shipments anticipated in Q3 2023.
A pre-feasibility study is presently ongoing to assess downstream production at NAL through the conclusion of the project’s lithium carbonate plant, which was partly built by earlier owners of the operation. Pre-feasibility study results are anticipated in 1H 2023.
Liontown Resources Limited (ASX: LTR)
The battery minerals producer has been gaining since 28 March when it rejected the takeover offer for the third time at the revised price of AU$2.50 a share to purchase 100% of its securities from the US-based Albemarle Corporation (NYSE:ALB).
On Friday, the stock was gaining in the early trade but lost its momentum and was trading down by 0.579% at AU$2.575 at 12:54 pm AEDT.
As per the fresh announcement on 30 March, ALB has informed that it has increased its shareholding in LTR to around 4.3% from nearly 2.2% earlier.
Novonix Limited (ASX: NVX)
Shares of the leading battery technology company are having a stellar performance on Friday as it was trading up by 13.733% at AU$1.325 around 12:55 pm AEDT. NVX shares got a boost from its latest update that says it has formed a JV with leading Saudi Arabian energy company, TAQAT, to advance and generate anode materials for electric vehicle (EV) and energy storage system batteries in the Middle East and North Africa (MENA).
In the JV, NVX will hold a 40% stake, and TAQAT will hold a 60% equity interest, each contributing its share of operating and capital costs for engineering and ensuing facility construction and operation. This JV plans to use NVX’s leading battery technology and capability to develop a graphite anode materials facility with a capacity of 30K tonnes a year.
Novonix further mentioned that Saudi Arabia intends to have 30% of all vehicles on the road to be electric by the year 2030. To back this plan, Saudi Arabia has unveiled the nation’s first EV brand- Ceer. Further, upstream projects like anode materials facility to be constructed under the JV will aid in supporting a localised supply chain for this sector in Saudi Arabia.
