Piedmont Lithium halts expansion due to 83% lithium price drop, cancels Tennessee project.

Piedmont Lithium has halted its expansion plans due to an 83% drop in lithium prices over the past year. The company withdrew its application for a U.S. Department of Energy loan and canceled its Tennessee project, which had received a $141.7 million grant. Piedmont is now focusing on its North Carolina project amid financial and regulatory challenges. CEO Keith Phillips mentioned future loan reconsideration and emphasized fiscal discipline. The company has $59 million in cash reserves.

September 05, 2024
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