https://www.miningweekly.com
Environment|Mining|PROJECT|Projects
Environment|Mining|PROJECT|Projects
environment|mining|project|projects

Piedmont Lithium sells portion of Atlantic shares to Assore

Piedmont Lithium CEO Keith Phillips

Piedmont Lithium CEO Keith Phillips

19th January 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

US-based Piedmont Lithium has announced it will sell a portion of shares it holds in Aim- and ASX-listed Atlantic Lithium to Atlantic’s biggest shareholder, Assore International.

The Nasdaq- and ASX-listed company will sell 24.3-million shares of Atlantic at £0.25 apiece, putting about $7.8-million in its coffers.

“We have always viewed our Atlantic shares as a potential source of capital and are pleased to further bolster our cash balance through this agreement,” said Piedmont Lithium president and CEO Keith Phillips.

The sale represents about 3.8% of Atlantic’s outstanding shares and will reduce Piedmont’s shareholding in the owner of the Ewoyaa project, in Ghana, to about 5.2%.

Assore, which previously sought to buy Atlantic, now owns about 28.4% of Atlantic.  

The sale of these shares has no impact on Piedmont’s joint venture, earn-in, or offtake position with Atlantic or the Ewoyaa project.

“We remain confident about the potential of Ewoyaa as a logistically advantaged, low-cost producer of spodumene concentrate, but are taking a disciplined approach to deploying capital in the current lithium price environment and positioning ourselves for the recovery we anticipate in the lithium market,” said Phillips.

Piedmont’s goal is to become one of the biggest lithium hydroxide producers in North America by processing spodumene concentrate produced from assets where it holds an economic interest. Its projects include our Carolina Lithium and Tennessee Lithium projects in the US and partnerships in Quebec with Sayona Mining, and in Ghana with Atlantic Lithium.

Edited by Creamer Media Reporter

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
The Southern African Institute of Mining and Metallurgy
The Southern African Institute of Mining and Metallurgy

The SAIMM started as a learned society in 1894 after the invention of the cyanide process that saved the South African gold mining industry of the...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

On-The-Air (17/05/2024)
On-The-Air (17/05/2024)
17th May 2024 By: Martin Creamer
Magazine round up | 10 May 2024
Magazine round up | 17 May 2024
17th May 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.221 0.264s - 91pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: