Piedmont Lithium (ASX:PLL) added to U.S Russell 2000® Index as its member

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Piedmont Lithium (ASX:PLL) added to U.S Russell 2000® Index as its member

 Piedmont Lithium (ASX:PLL) added to U.S Russell 2000® Index as its member
Image source: © Kdrs32 | Megapixl.com

Highlights:

  • Piedmont has been added to U.S Russell 2000® 2000 Index as its member.
  • As part of rebuilding the Russell indexes for 2022, the company has also been added as a constituent of the Russell Microcap Index.
  • As of 6 May 2022, the 4,000 largest U.S. equities are included in the Russell indexes' yearly reconstitution.

Lithium resources company Piedmont Lithium Inc (ASX:PLL) announced today (7 July 2022) that it has been added to U.S. Russell 2000® as one of its member.

As part of rebuilding the Russell indexes for 2022, the company has also been added as a constituent of the Russell Microcap Index. Membership in the broad-market Russell 3000® Index serves as the basis for membership in the Russell 2000® Index, which remains valid for a year.

Meanwhile, shares of Piedmont were 1.43% down, trading at AU$0.517 on ASX at 11.18 AM AEST today (July 7). This underperforms ASX 200 Materials Index, which was 0.76% up at 14,812.70 points at 11.20 AM AEST.

Details about Russell indexes

As of 6 May 2022, the 4,000 largest U.S. equities are included in the Russell indexes' yearly reconstitution, which ranks them by total market capitalisation. The large-cap Russell 1000® Index or small-cap Russell 2000® Index, as well as the corresponding growth and value style indexes, are automatically included for one year after becoming a member of the Russell 3000® Index.

Market capitalisation rankings and style characteristics generally determine membership for FTSE Russell's indices.

Image Source: © 2022 Kalkine Media ® 
Data Source- Company announcement dated 07 July 2022

One of the top global index providers, FTSE Russell, is the source of Russell indexes.

Things to know about Piedmont Lithium

Piedmont is a significant lithium producer with a broad portfolio and is committed to promoting the creation of a sustainable energy economy in North America and helping society transition to a net-zero society.

By processing the spodumene concentrate made from assets in which it has an economic interest, the company hopes to rank among the top manufacturers of lithium hydroxide in North America.

Image Source: © Design56 | Megapixl.com

Piedmont Lithium: Recent development

On 29 June 2022, Piedmont and Sayona Mining (ASX:SYA) formalised restart plans for the NAL project in Canada's Quebec. The rehabilitation and restart are expected to cost CA$98 million (about AU$110 million). Sayona has taken significant steps to speed up the production restart, including hiring crucial personnel, buying key long-lead equipment, developing intricate engineering design work, and getting the required regulatory clearances. It is expected that the NAL concentrator would provide its first production in first quarter of 2023.

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