Benzinga | Jan 12, 2022 04:02PM EST

Piedmont Lithium Issues Economic Impact Study For Carolina Lithium Project; Says 2023 Direct Output Of Project Estimated $6.401M

Piedmont Lithium Inc., ("Piedmont" or the "Company") (NASDAQ:PLL, ASX: PLL))))),a leading developer of lithium hydroxide production to enable the North American electric vehicle supply chain, today announced results of an Economic Impact Study (EIS) for its proposed Carolina Lithium Project in Gaston County, North Carolina. The report was developed by John E. Connaughton, Ph.D., Professor of Financial Economics at the University of North Carolina-Charlotte. The full report, along with the Executive Summary can be found at https://piedmontlithium.com/piedmont-lithium-issues-economic-impact-study-for-carolina-lithium-project/.

The proposed project will be undertaken by Piedmont Carolina Lithium as a single integrated facility that will include three operations: quarrying, spodumene concentration and by-product processing, and the production of an estimated 30,000 tons of lithium hydroxide from spodumene concentrate on an annual basis. The study was conducted assuming the facility ramps-up operations over a five-year period beginning in 2023. In 2023 the direct output of the project is estimated to be $6,401,995. The total output impact in 2023 (including supplier chain impacts and induced impacts) is estimated at $8,141,774. By year 2027, the direct output impact is estimated to be $533,607,785. The total output impact in 2027 (including supplier chain impacts and induced impacts) is estimated at $687,844,432.