PERTH (miningweekly.com) – US-based lithium miner Piedmont Lithium has announced plans to raise capital to help restart operations at the North American Lithium (NAL) operations, in Quebec.
Nasdaq and ASX-listed Piedmont told shareholders that it would conduct a public offering of 1.5-million shares of its common stock, subject to market and other conditions.
In addition to funding the restart costs at NAL, the company would also fund exploration and definitive feasibility studies at Eyowaa in Ghana, to advance the company’s merchant lithium hydroxide plant in the south-eastern US, and to continue development of the Carolina lithium project, including ongoing permitting activities, engineering design, and property acquisition.
Additionally, the net proceeds may be used to fund possible strategic initiatives and for general corporate purposes.
Piedmont and partner Syona Mining in August of last year completed the A$128.6-million acquisition of NAL, which comprises 19 contiguous claims covering 582 ha of land in Quebec. The companies are targeting spodumene concentrate production from NAL in the first quarter of 2023.
Piedmont in February unveiled plans to produce 60 000 t/y of lithium hydroxide in the US, with 30 000 t/y of planned production coming from the fully integrated Carolina lithium project, while a further 30 000 t/y of production will be produced at a second planned US plant, with site selection expected in the second quarter of this year.