Piedmont Lithium Stock Rises 7% on Continued Production Ramp-Up in North America

Dow Jones04-10

By Emon Reiser

Shares of Piedmont Lithium advanced after the manufacturer said that, following a review, its joint venture would complete projects that would increase production and improve operating costs amid a challenging lithium market.

The stock increased 7% to $14.24 a share in Tuesday afternoon trading. Despite the intraday gains, shares remain down almost 50% year to date.

Belmont, N.C.-based Piedmont, which makes battery-quality lithium hydroxide for the electric vehicle industry, said that following an operational review, the joint partners of North American Lithium agreed to complete two capital improvement projects, both expected to be commissioned next month: a crushed ore storage dome and a crushed ore re-feed system.

Piedmont owns 25% of North American Lithium, while Sayona Mining owns the remaining 75%.

"We believe the project is well-positioned for the market recovery we anticipate and to operate successfully over the long term," Piedmont Lithium CEO Keith Phillips said.

The companies' joint venture is expected to achieve steady state production within 2024, with shipments to contract customers beginning this year.

Write to Emon Reiser at emon.reiser@wsj.com

(END) Dow Jones Newswires

April 09, 2024 14:55 ET (18:55 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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