Strategic Investment in IronRidge Resources Expands Spodumene Concentrate Supply and Increases Lithium Hydroxide Production Opportunities for Piedmont
Key Takeaways:
- Piedmont to acquire 9.5% of IronRidge Resources (IRR) and earn a 50% interest in IRR’s highly-prospective Ghanaian lithium portfolio.
- Binding supply agreement for 50% of IRR Ghana’s spodumene concentrate (“SC6”) production.
- Piedmont positioned to be North America’s largest lithium hydroxide operation based on 30,000 t/y Carolina Lithium Project. Will now launch a study to evaluate the potential to incorporate IRR’s incremental SC6 with Piedmont’s surplus SC6 production in North Carolina to support a Phase II, additional 30,000 t/y output.
Comments from CEO Keith Phillips:
“IRR Ghana has an impressive portfolio of spodumene prospects, anchored by the highly promising Ewoyaa Project. While this high-grade Mineral Resource of 14.5Mt @ 1.31% Li2O is currently modest in scale, it has vast exploration potential. In January 2021, IRR published a scoping study for the Ewoyaa Project forecasting 295,000 t/y of SC6 production. It is also very well-located, only 70 miles from a major port, which greatly minimizes transportation costs and opens up numerous supply routes. Our investment in Ewoyaa allows us to build on our strategic commitment to be a large-scale, low-cost, sustainable producer of lithium hydroxide from spodumene concentrate, the preferred feedstock of EV makers around the world. .”
To read the full story, please click here.
For further information, contact:
Keith D. Phillips | President & CEO
T: +1 973 809 0505
E: [email protected]
Brian Risinger
VP – Investor Relations and Corporate Communications
T: +1 704 910 9688
E: [email protected]
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Piedmont continues global expansion of lithium resources to support hydroxide production capacity
