Piedmont Lithium (Nasdaq: PLL; ASX: PLL) this week acquired a 22.5% stake in Atlantic Lithium’s (ASX: A11) flagship Ewoyaa project in Ghana after committing $17 million to fund the project through its definitive feasibility study, adding an Africa asset to its expanding portfolio of operations.
It completed the second stage of the investment agreement signed in 2021. Under the deal, Piedmont can earn a 50% equity interest in Atlantic’s Ghanaian lithium portfolio, headlined by the Ewoyaa project. The first stage involved a $15 million investment into Atlantic, previously IronRidge Resources.
The Australian company, since redomiciled to the US, aims to become one of the world’s lowest cost producers of lithium hydroxide, and says it is the most strategically located to serve the fast-growing North American electric vehicle supply chain, with operations already established in the US and Canada.
Piedmont took centre stage in the junior lithium space in 2020, when its stock surged almost 84% in a day’s trading in Sydney after it confirmed it had signed a sales agreement with Tesla to supply the electric vehicle maker with high-purity lithium ore mineral for up to ten years.
For the rest of this article: https://www.mining.com/momentum-builds-for-piedmont-lithiums-ambitious-production-plans-as-portfolio-expands-in-africa/