- The Minerals Income Investment Fund of Ghana to acquire 6%
interest in Ewoyaa for $27.9 million
- The sovereign wealth fund’s investment is a significant
endorsement of the Ghanaian hard-rock lithium project
- Investment and ongoing contributions by MIIF to reduce capex
investments equally for Piedmont and Atlantic Lithium
- MIIF also to subscribe for approximately 3% of Atlantic
Lithium’s listed shares for $5 million
- Mining lease discussions advance with the Minerals Commission
of Ghana, with an expected lease approval within 2023
Piedmont Lithium (“Piedmont” or the “Company”) (Nasdaq: PLL;
ASX: PLL), a leading global supplier of lithium resources
critical to the U.S. electric vehicle supply chain, today announced
that the Minerals Income Investment Fund of Ghana (“MIIF”) has
agreed to invest $27.9 million to acquire a 6% stake in the Ewoyaa
Lithium Project (“Ewoyaa” or the “Project”) and an additional $5
million in Piedmont partner Atlantic Lithium Limited (“Atlantic”)
(AIM: ALL; ASX: A11). MIIF’s project-level funding is expected to
go directly toward Project development costs, with MIIF also
contributing 6% of exploration and development costs within
Atlantic’s Ghanaian portfolio on an ongoing basis.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230911738665/en/
Piedmont Lithium President and CEO Keith
Phillips joins Atlantic Lithium, MIIF, and Ghanaian officials as
the strategic partnership is announced. (Photo: Business Wire)
Piedmont owns a 9% equity interest in Atlantic. In August, the
Company announced that it will acquire a 22.5% interest in Ewoyaa,
subject to government approvals, as part of its agreement to earn a
50% equity interest in Atlantic’s Ghanaian portfolio. To earn an
additional 27.5% interest in Ewoyaa, Piedmont has committed to fund
the first $70 million of project capex and share additional capital
costs with Atlantic on an equal basis.
MIIF’s $27.9 million investment and ongoing contribution of 6%
of development costs will reduce Piedmont and Atlantic’s capital
contributions equally for the construction of Ewoyaa. The MIIF
investment also will reduce Piedmont and Atlantic’s effective
Project interests to 47% each before the Ghanian government’s free
carried interest in the Project. Piedmont expects to fund its share
of Ewoyaa capex through cash flow from its North American Lithium
joint venture in Quebec, Canada.
Importantly, Piedmont will maintain its offtake agreement to
purchase 50% of lithium concentrate production at Ewoyaa on a
life-of-mine basis using a market-based pricing mechanism. This
offtake is being planned as feedstock for Piedmont’s proposed
30,000 metric ton per year lithium hydroxide conversion facility in
Tennessee.
Piedmont Lithium Chief Operating Officer and Atlantic Lithium
Board Member Patrick Brindle said the investment agreement is a
strong signal of the Ghanaian government’s confidence in Ewoyaa.
“The investment by MIIF and the significant endorsement this
funding represents will further de-risk the Ewoyaa project. We
believe MIIF’s investment is a validation of both the work
completed to date by our partners and the commitment of the
Ghanaian government to support diversified mining development as
the Project advances toward mining lease approval expected later in
2023 and targeted first production in the second half of 2025,” he
said. “Ewoyaa is a core project for Piedmont Lithium, and we
welcome MIIF’s support as an equity partner in this important
development.”
Investors should note that, at this stage, the agreement between
Atlantic and MIIF is non-binding, and, therefore, there can be no
certainty that an investment by MIIF will be concluded.
The statements in the link below were prepared by, and made by,
Atlantic. The following disclosures are not statements of Piedmont
and have not been independently verified by Piedmont. Atlantic is
not subject to U.S. reporting requirements or obligations, and
investors are cautioned not to put undue reliance on these
statements. Atlantic’s original announcement can be found here.
About Piedmont Lithium
Piedmont Lithium Inc. (Nasdaq: PLL; ASX: PLL) is developing a
world-class, multi-asset, integrated lithium business focused on
enabling the transition to a net zero world and the creation of a
clean energy economy in North America. Our goal is to become one of
the largest lithium hydroxide producers in North America by
processing spodumene concentrate produced from assets where we hold
an economic interest. Our projects include our Carolina Lithium and
Tennessee Lithium projects in the United States and partnerships in
Quebec with Sayona Mining (ASX: SYA) and in Ghana with Atlantic
Lithium (AIM: ALL; ASX: A11). These geographically diversified
operations will enable us to play a pivotal role in supporting
America’s move toward energy independence and the electrification
of transportation and energy storage. For more information, follow
us on Twitter @PiedmontLithium and visit
www.piedmontlithium.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of or as described in securities legislation in the
United States and Australia, including statements regarding
exploration, development construction and production activities of
Sayona Mining, Atlantic Lithium and Piedmont; current plans for
Piedmont’s mineral and chemical processing projects; Piedmont’s
potential acquisition of an ownership interest in Ewoyaa; and
strategy. Such forward-looking statements involve substantial and
known and unknown risks, uncertainties, and other risk factors,
many of which are beyond our control, and which may cause actual
timing of events, results, performance or achievements and other
factors to be materially different from the future timing of
events, results, performance, or achievements expressed or implied
by the forward-looking statements. Such risk factors include, among
others: (i) that Piedmont, Sayona Mining or Atlantic Lithium may be
unable to commercially extract mineral deposits, (ii) that
Piedmont’s, Sayona Mining’s or Atlantic Lithium’s properties may
not contain expected reserves, (iii) risks and hazards inherent in
the mining business (including risks inherent in exploring,
developing, constructing and operating mining projects,
environmental hazards, industrial accidents, weather or
geologically related conditions), (iv) uncertainty about Piedmont’s
ability to obtain required capital to execute its business plan,
(v) Piedmont’s ability to hire and retain required personnel, (vi)
changes in the market prices of lithium and lithium products, (vii)
changes in technology or the development of substitute products,
(viii) the uncertainties inherent in exploratory, developmental and
production activities, including risks relating to permitting,
zoning and regulatory delays related to our projects as well as the
projects of our partners in Quebec and Ghana, (ix) uncertainties
inherent in the estimation of lithium resources, (x) risks related
to competition, (xi) risks related to the information, data and
projections related to Sayona Mining or Atlantic Lithium, (xii)
occurrences and outcomes of claims, litigation and regulatory
actions, investigations and proceedings, (xiii) risks regarding our
ability to achieve profitability, enter into and deliver product
under supply agreements on favorable terms, our ability to obtain
sufficient financing to develop and construct our projects, our
ability to comply with governmental regulations and our ability to
obtain necessary permits, and (xiv) other uncertainties and risk
factors set out in filings made from time to time with the U.S.
Securities and Exchange Commission (“SEC”) and the Australian
Securities Exchange, including Piedmont’s most recent filings with
the SEC. The forward-looking statements, projections and estimates
are given only as of the date of this press release and actual
events, results, performance and achievements could vary
significantly from the forward-looking statements, projections and
estimates presented in this press release. Readers are cautioned
not to put undue reliance on forward-looking statements. Piedmont
disclaims any intent or obligation to update publicly such
forward-looking statements, projections, and estimates, whether as
a result of new information, future events or otherwise.
Additionally, Piedmont, except as required by applicable law,
undertakes no obligation to comment on analyses, expectations or
statements made by third parties in respect of Piedmont, its
financial or operating results or its securities.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230911738665/en/
Erin Sanders SVP, Corporate Communications & Investor
Relations T: +1 704 575 2549 E: esanders@piedmontlithium.com
Christian Healy/Jeff Siegel Media Inquiries E:
Christian@dlpr.com E: Jeff@dlpr.com
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