Piedmont Lithium Inc. (NASDAQ:PLL) shares are trading higher after it announced that it received mining permit approval for the construction, operation, and reclamation of the proposed Carolina Lithium project.
In particular, the company disclosed that the North Carolina Department of Environmental Quality's (NCDEQ) Division of Energy, Mineral, and Land Resources (DEMLR) issued an approval of the mining permit for the construction, operation, and reclamation of the proposed Carolina Lithium project in Gaston County, North Carolina.
The project is located within both the Carolina Tin-Spodumene Belt and the U.S. Battery Belt and is being designed as a fully integrated mining, spodumene concentrate, and lithium hydroxide manufacturing operation.
DEMLR provided the permit approval following a thorough review of the application submitted by Piedmont on August 30, 2021.
Keith Phillips, President and CEO, said, "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."
"Technical studies have demonstrated that Carolina Lithium could be a low-cost producer of spodumene concentrate and lithium hydroxide, benefitting from exceptional infrastructure, minimal transportation distances, low energy costs, a deep local talent pool, and proximity to cathode and battery customers as well as local markets for the monetization of by-product industrial minerals."
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"The Project is further advantaged by the competitive corporate tax regime offered in the United States, the absence of significant royalties, and the benefits inherent in the Inflation Reduction Act of 2022."
Investors can gain exposure to the stock via IShares Lithium Miners And Producers ETF (NASDAQ:ILIT) and SPDR S&P Metals & Mining ETF (NYSE:XME).
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Price Action: PLL shares are up 21.8% at $15.45 on the last check Monday.
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