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Highlights
- Piedmont Lithium is a top global developer of lithium resources.
- The company's shares were trading at AU$0.91 each, down 3.19% on ASX today at 1.20 AM AEST.
- This underperforms ASX 200 Materials Index, which was 1.98% up at 16,200.90 points on ASX today (12 September) at 11.22 AM AEST.
Piedmont Lithium Inc (ASX:PLL) is an ASX-listed lithium company focused on developing its 100% owned Piedmont Lithium Project in North Carolina, USA.
Shares of Piedmont were spotted trading lower today and the company's shares were trading at AU$0.91 each, down 3.19% on ASX today at 1.20 AM AEST.
This underperforms ASX 200 Materials Index, which was 1.98% up at 16,200.90 points on ASX today at 11.22 AM AEST. The overall Australian market is also trading higher today. At 11.22 AM AEST, the ASX 200 index was found 0.79% higher at 6,948.40 points.
Sectorally, most sectors were trading in green, and materials was the best performing sector at 11.23 AM AEST. This was followed by the IT and utilities sectors, up 1.42% and 1.31%, respectively.
Although Piedmont did not share any negative news today, its shares were still trading in red zone. This might be because of the broad weakness in the lithium industry on Monday.
Notably, lithium was trading at 4,95,500CNY/T today at 11.27 AM AEST, up around 256% on a YTD basis.
Piedmont had announced on 2 September that it has selected Etowah, Tennessee in McMinn County, the US, as the location of the company’s planned 30,000 metric ton per year LHP-2 lithium hydroxide operation.
According to Piedmont, Tennessee Lithium will be the biggest lithium hydroxide processing facility built in the United States, with a scheduled completion and commencement of production in 2025. The project is anticipated to greatly increase the US supply of lithium hydroxide - a crucial component in the production of EV batteries by converting spodumene concentrate. It is to be noted that spodumene concentrate is mostly derived from Piedmont's overseas project investments.
Image Source: © 2022 Kalkine Media ®
Data Source- Company announcement dated 02 September 2022
One of the first lithium hydroxide plants to be constructed using the ground-breaking Metso: Outotec technology will be Piedmont's Tennessee Lithium project. With the elimination of sodium sulfate waste and spodumene acid leaching, Tennessee Lithium will become one of the most environmentally friendly lithium hydroxide facilities in the world.
Tennessee was chosen as the site for the project due to its friendly government relations, accessibility to first-rate rail, road, and river transportation, a skilled workforce, a supportive business environment, and proximity to the battery and automotive plants being built by potential customers.
