Piedmont Lithium accelerates lithium hydroxide strategy due to demand
Piedmont Lithium is accelerating development of its lithium chemical plant and is compressing its Project timeline into a single-stage targeting lithium chemical production in late-2022, in response to strong interest from prospective lithium hydroxide customers. This new timeline will effectively accelerate chemical plant development by one year while deferring the mine/concentrator construction start date by one year, resulting in integrated operations from day one. The company is focused on near-term milestones including: key federal permit for the mine and concentrator expected Q4; lithium hydroxide testwork commencing in Q4 with chemical plant pre-feasibility study anticipated in 2Q20; integrated definitive feasibility study and chemical plant permitting targeted for 4Q20; offtake discussions advancing with numerous participants in the global battery supply chain; strategic partnering options being continually evaluated. The company has a cash balance of ~$14M and aims to commence construction of the integrated lithium hydroxide project to leverage anticipated shortfalls in lithium hydroxide supply beginning in 2023.