Piedmont Lithium secures $12.2 million in placement
Positively, the placement was oversubscribed and upsized from initial levels.
Company
ASX:PLL
Piedmont Lithium Inc (ASX:PLL) is developing a world-class integrated lithium business in the United States. The company's location is in the renowned Carolina Tin Spodumene Belt of North Carolina, and recently exercised an option to acquire an interest in the Ewoyaa Lithium Project in Ghana, which boasts an active mining lease and a large mineral resource. Piedmont has the potential to be one of the world’s lowest cost producers of lithium hydroxide.
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Positively, the placement was oversubscribed and upsized from initial levels.
The company recently received high-grade lithium results from initial exploratory drilling in North Carolina, US.
The company plans to develop an integrated lithium hydroxide business.
The new results indicate the potential for a significant project life extension for the Piedmont Lithium Project.
The updated study demonstrates a low-cost, high-margin integrated lithium operation.
Hardware & electrical equipment
GlobalData forecasts that demand for lithium will more than double to 58,300 tonnes in 2022.
The company’s scoping study update is due within Q3 2018 and will include the by-products.
Scoping Study update including by-product credits scheduled for completion later this month.
Drilling at Core property has returned broad, high-grade intervals of up to 8.2 metres at 1.91% lithium oxide.
The company is developing a vertically-integrated lithium strategy centred on the Carolina Tin-Spodumene Belt.
The Piedmont project is expected to meet a strategic need for domestic US lithium production.
Bench-scale metallurgical tests have been carried out on samples from the Piedmont project in the Carolina Tin-Spodumene Belt.
The site will form part of the vertically integrated Piedmont Lithium Project in the world-class Carolina Tin-Spodumene Belt.
The project could potentially also produce valuable quartz, feldspar and mica concentrates.
Foster Stockbroking boosts target to 32 cents and maintains its Speculative Buy rating.
Drilling and test work programs are ongoing with more planned.
Exploration drilling on the recently revealed Sunnyside property has commenced.
AustralianSuper has more than $120 billion in assets under management.
Notably, drilling is being completed under budget so additional metres have been added.
Harkins has over 35 years’ experience in mineral processing including 20 years in spodumene concentration.