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Released June 21, 2024 | SUGAR LAND
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Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--Piedmont Lithium (NASDAQ:PLL) (Bessemer City, North Carolina) says it is planning an additional 10,000 feet of drilling at a lithium prospect in Quebec, where results continue to demonstrate the potential for a significant upgrade to the mineral resource estimate.
"The 2023-2024 drill program has identified multiple, new, high-grade lithium zones beyond the planned pit shell model, with intercepts at thicker and higher grades than previously encountered," the company said Thursday.
Canada claims about 2.5% of the world's known deposits of lithium, a critical material used in the batteries that power everything from flashlights to electric vehicles (EVs). Most of its deposits are in Quebec, though lithium compounds can be pulled out of the oil and gas fields in Alberta.
Piedmont said it yielded 40,439 dry metric tons of spodumene concentrate in March, a new record for the company. It shipped some 15,000 tons of the material during the first quarter from its North American Lithium (NAL) project in Quebec.
The company said Thursday that it expected a steady rate of production through 2024 but planned for another 10,000 feet of drilling at NAL.
"The continued positive results of the NAL drill program demonstrate the potential of this highly strategic asset, and we look forward to a future update to the mineral resource estimate both in terms of mineral resource quantity and classification," said Keith Phillips, the company's president and chief executive officer.
NAL started producing spodumene, a high-purity lithium ore, in March 2023 at its site in Quebec. NAL delivered its first commercial shipment of about 20,500 metric tons of spodumene concentrate in early August to a third party.
The mine itself has a long history of changes in ownership, with Canada Lithium initially working in Quebec before closing operations in 2014 and filing for bankruptcy. NAL resumed operations in 2018, though work was suspended in 2019 after the price of lithium products collapsed. It was acquired in 2021 by Sayona Quebec, a joint venture between Australia's Sayona Mining Limited (Milton, Queensland) (75%), and Piedmont (25%).
Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can click here for the project reports related to the NAL development.
The provincial government of Quebec considers lithium to be a critical material for its energy transition, a transition the World Bank sees as incentivizing a 488% increase in global demand for lithium by 2050.
"Considering that the time needed to develop a mine is between 10 and 20 years, a major effort will be required over the short, medium and long terms to support exploration, deposit appraisal and mineral extraction, without forgetting recycling and optimal use," Quebec's government said.
Canadian reserves pale in comparison, however, to lithium-rich countries such as Australia, Bolivia and Chile. Canada remains a net importer of lithium and lithium products, though it has exported some of its own reserves to France, the U.K. and other countries.
Outside of Canada, Piedmont is seeking regulatory approval for a project in North Carolina, which would be an open-pit operation with a capacity of some 23 million tons per year. Subscribers can click here for a detailed project report.
Another facility in Tennessee is already sanctioned and designed for 30,000 tons of production. Subscribers can click here for the project report.
Subscribers can click here for a list of all project reports mentioned in this article and click here for the related plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
"The 2023-2024 drill program has identified multiple, new, high-grade lithium zones beyond the planned pit shell model, with intercepts at thicker and higher grades than previously encountered," the company said Thursday.
Canada claims about 2.5% of the world's known deposits of lithium, a critical material used in the batteries that power everything from flashlights to electric vehicles (EVs). Most of its deposits are in Quebec, though lithium compounds can be pulled out of the oil and gas fields in Alberta.
Piedmont said it yielded 40,439 dry metric tons of spodumene concentrate in March, a new record for the company. It shipped some 15,000 tons of the material during the first quarter from its North American Lithium (NAL) project in Quebec.
The company said Thursday that it expected a steady rate of production through 2024 but planned for another 10,000 feet of drilling at NAL.
"The continued positive results of the NAL drill program demonstrate the potential of this highly strategic asset, and we look forward to a future update to the mineral resource estimate both in terms of mineral resource quantity and classification," said Keith Phillips, the company's president and chief executive officer.
NAL started producing spodumene, a high-purity lithium ore, in March 2023 at its site in Quebec. NAL delivered its first commercial shipment of about 20,500 metric tons of spodumene concentrate in early August to a third party.
The mine itself has a long history of changes in ownership, with Canada Lithium initially working in Quebec before closing operations in 2014 and filing for bankruptcy. NAL resumed operations in 2018, though work was suspended in 2019 after the price of lithium products collapsed. It was acquired in 2021 by Sayona Quebec, a joint venture between Australia's Sayona Mining Limited (Milton, Queensland) (75%), and Piedmont (25%).
Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can click here for the project reports related to the NAL development.
The provincial government of Quebec considers lithium to be a critical material for its energy transition, a transition the World Bank sees as incentivizing a 488% increase in global demand for lithium by 2050.
"Considering that the time needed to develop a mine is between 10 and 20 years, a major effort will be required over the short, medium and long terms to support exploration, deposit appraisal and mineral extraction, without forgetting recycling and optimal use," Quebec's government said.
Canadian reserves pale in comparison, however, to lithium-rich countries such as Australia, Bolivia and Chile. Canada remains a net importer of lithium and lithium products, though it has exported some of its own reserves to France, the U.K. and other countries.
Outside of Canada, Piedmont is seeking regulatory approval for a project in North Carolina, which would be an open-pit operation with a capacity of some 23 million tons per year. Subscribers can click here for a detailed project report.
Another facility in Tennessee is already sanctioned and designed for 30,000 tons of production. Subscribers can click here for the project report.
Subscribers can click here for a list of all project reports mentioned in this article and click here for the related plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
