SYAXF - Piedmont Lithium's North American Lithium JV makes first commercial shipment

2023-08-02 09:57:57 ET

Piedmont Lithium ( NASDAQ: PLL ) announced Wednesday the first commercial shipment of spodumene concentrate produced by North American Lithium, Piedmont's joint venture with Sayona Mining ( OTCQB:SYAXF ).

North American Lithium made the initial shipment of 20.5K metric tons of spodumene concentrate via a trading company to international parties.

Piedmont ( PLL ) owns a 12% equity interest in Sayona Mining ( OTCQB:SYAXF ) and holds an offtake agreement with the JV to purchase the greater of 113K tons/year or 50% of spodumene concentrate production at a ceiling price of $900/ton on a life-of-mine basis.

As 2023 is the start-up year for North American Lithium, Piedmont ( PLL ) said its allocation this year will be the greater of 56.5K metric tons or 50% of 2023 spodumene concentrate production.

Following the initial JV shipment, the parties have agreed that the next two shipments will be to Piedmont ( PLL ) customers via the offtake agreement; Piedmont said it expects to deliver 15K tons to a major international trading company in August.

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