Buoyed by President Trump’s pursuit of “national energy dominance,’’ Belmont-based Piedmont Lithium said it’s concentrating on the development of its proposed mine in Gaston County.
“Our focus in North Carolina remains on advancing through the permitting process,’’ CEO Keith Phillips told analysts on a conference call earlier today in conjunction with its fourth quarter earnings report.
“We received our state mining permit in 2024 and a petition to challenge that permit was voluntarily withdrawn by petitioners earlier this month,’’ the CEO said. “We are optimistic that air and water permits will be achieved during this calendar year.’’
Proceeding with the project requires rezoning of land by the Gaston County Board of Commissioners. “We look forward to entering that process in due course,’’ Phillips said.
The CEO’s remarks reenforced the company’s decision six months ago to focus development on its Carolina Lithium project, covering a 1,548-acre tract in Gaston County, 30 miles west of Charlotte. Piedmont Lithium scrapped its proposed lithium hydroxide processing facility in Etowah, Tennessee, 60 miles north of Chattanooga, in a consolidation of its planned lithium hydroxide production capacity.
Mining companies such as Piedmont Lithium have scaled back and cut jobs and other costs as raw material prices have fallen. The decline stems from global oversupply and slower-than-expected demand for the electric vehicles that rely on lithium-ion batteries.
Amid the retrenchment, Phillips said his company is heartened by President Trump’s declaration of a national energy emergency.
“While many have assumed the Trump administration would be a negative for the industry, we have always had a different view,’’ Phillips said. “Central to this (executive order) is the reinforcement of the President’s earlier commentary on the importance of domestic critical minerals production to avoid over reliance on China and indeed to quote the President, `national energy dominance.’ National energy dominance cannot be achieved without domestic sources of lithium like Carolina Lithium.’’
Phillips said Piedmont Lithium said it plans to complete its merger with Quebec’s Sayona Mining by the middle of this year after announcing an all-stock transaction in November. Ownership will be split roughly 50/50 on a fully diluted basis. It will create North America’s largest lithium producer.
“The merger brings together two complementary businesses to create a bigger, stronger, simpler company,’’ Phillips said. “Scale is crucial in this business. Increasing scale can make a business more relevant to customers, can reduce unit operating costs and improve downstream optionality, all while appealing to a broader investor community.’’
Piedmont shares closed at $8.46 today, and have traded between $6.57 and $17.66 over the past year. The market cap is about $185 million.
