Piedmont Lithium receives first payment for NAL shipment

Elevra Lithium

29/08/2023 12:59

Aug 29 (Reuters) - Piedmont Lithium  PLL.O  said on
Tuesday it has received a partial prepayment of $31.6 million
for the sale of 15,000 dry metric tonnes (dmt) of lithium
concentrate under its offtake deal with North American Lithium
(NAL).
    NAL, which started commercial production in March this year,
is jointly owned by Australia's Sayona Mining  SYA.AX  and
Piedmont Lithium.
    Shipments from NAL, located in Quebec, are expected to
supply the key battery material to electric-vehicle
manufacturers, including LG Chem  051910.KS  and Tesla  TSLA.O .
    Piedmont said the prepayment increased its cash position to
about $100 million.
    Its CEO Keith Phillips expects sales from Piedmont shipments
to help fund strategic initiatives while reducing the company's
need to raise equity in the market.
    Piedmont expects shipments under NAL offtake to total 56,500
dmt in 2023.

 (Reporting by Tanay Dhumal in Bengaluru; Editing by Shilpi
Majumdar)
 ((Tanay.Dhumal@thomsonreuters.com; Twitter: https://twitter.com/TanayDhumal;))