Why is Piedmont Lithium (ASX:PLL) in the news today?

January 04, 2023 02:50 PM AEDT | By Khushboo Joshi

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Why is Piedmont Lithium (ASX:PLL) in the news today? — Image source: © Boggy | Megapixl.com

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Highlights

Piedmont Lithium shares were spotted charging higher on the ASX today (4 January 2023).

The company has updated on amendments to its previous offtake deal with Tesla.

Under the new deal, Piedmont will be delivering around 125,000 metric tonnes of Spodumene Concentrate to Tesla, starting in H2 2023 through the end of 2025.

Global lithium developer Piedmont Lithium Inc (ASX:PLL), on 4 January 2023, updated on amendments in its deal with Tesla. Now, the company will be required to deliver approximately 125,000 metric tonnes of spodumene concentrate (SC6) to Tesla till the end of 2025.

Meanwhile, the shares of Piedmont Lithium were spotted trading 1.908% higher at AU$0.667 apiece at 1:04 PM AEDT on the ASX on Wednesday.

Meanwhile, Piedmont also hinted at the recommencement of SC6 production at NAL in H1 2023. Also, the first commercial shipments are likely to start from the third quarter 2023.

The company intends to deliver SC6 to Tesla from NAL under its offtake arrangement with Sayona Quebec. The offtake agreement with Sayona allows Piedmont to buy around 113,000 metric tonnes per year or 50% of its SC6 production. Piedmont’s SC6 purchases from Sayona Quebec are subject to floor and ceiling prices for the life-of-mine term.

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