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Why the Piedmont Lithium (ASX:PLL) share price is zooming 9% higher today

The Piedmont Lithium Ltd (ASX:PLL) share price is zooming notably higher on Tuesday morning. Here’s why…
The post Why the Piedmont Lithium (ASX:PLL) share price is zooming 9% higher today appeared first on The Motley Fool Australia. –

A young man pointing up looking amazed, indicating a surging share price movement for an ASX company

The Piedmont Lithium Ltd (ASX: PLL) share price has been a very strong performer on Tuesday morning.

At the time of writing, the North American-based lithium company’s shares are up 9% to $1.06.

This leaves the Piedmont Lithium share price trading within a whisker of its all-time high of $1.09.

Why is the Piedmont Lithium share price charging higher?

Investors have been buying Piedmont Lithium shares today after it announced the commencement of a definitive feasibility study (DFS). This study is for its integrated North Carolina lithium hydroxide operations and will include Metso Outotec’s innovative alkaline pressure leach technology.

According to the release, using Metso Outotec’s technology, which omits the acid roasting step of conventional spodumene conversion, air emissions from the chemical operations are expected to be reduced compared with previous studies. Furthermore, the consumption of sulphuric acid and sodium sulphate waste products will be eliminated.

Management notes that the DFS will also evaluate enhancements to its North Carolina operations. This includes the installation of solar generating capacity, in-pit crushing systems, and the elimination of haul trucks from its operations plan. These are all expected to improve both carbon emissions and project economics.

What now?

The DFS is expected to be completed by the end of the third quarter of 2021. Ahead of that, the company intends to update investors with a preliminary economic assessment of the integrated business, including the Metso Outotec technology, and a mineral resource estimate with the second quarter.

After which, if everything goes to plan, the construction of the concentrate operations is anticipated to be completed by the end of 2022, and the chemical plant is expected to be completed in 2023.

Piedmont Lithium’s President and CEO, Keith D Phillips, commented: “Demand for locally and ethically-sourced battery raw materials is accelerating, and Piedmont is engaging in multiple initiatives to meet this opportunity in the most sustainable way possible. With the backdrop of new executive orders supporting the domestic battery supply chains, we are very pleased to launch an integrated definitive feasibility study to advance our North Carolina operations.

“In adopting the innovative Metso Outotec process we hope to deliver enhanced DFS economics while also positioning the Piedmont Lithium Project to have a lower environment impact than any of the lithium hydroxide projects currently operating and under construction around the world.”

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why the Piedmont Lithium (ASX:PLL) share price is zooming 9% higher today appeared first on The Motley Fool Australia.

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