The Piedmont Lithium Ltd (ASX: PLL) share price jumped 10% in today’s trade to close at 88 cents a share.
The gain comes after this morning’s announcement about a change in substantial holdings.
Here’s a wrap of Piedmont’s latest release and what else has been happening in the lithium industry lately.
BNYMC beefs up holdings, Piedmont share price shoots
The Bank of New York Mellon Corporation (BNYMC) increased its Piedmont holdings by approximately 15 million shares.
This raises BNYMC’s voting power in the company to 62.99%.
The Piedmont Lithium share price was also on the move last week. The jump followed the company being granted court approval to pursue shareholder approval to redomicile from Australia to the United States.
Piedmont lists a number of benefits attached to the US move. Among them are lower compliance costs, acquisition opportunities, improved access to US capital markets, and a simplified corporate structure.
Australia’s first lithium hydroxide plant dukes it out
Meanwhile, the Australian Financial Review reports that the engineers of Australia’s first lithium hydroxide plant are still in court battling the Chinese entity Tianqi for roughly $39 million in fees.
MSP Engineering was appointed to build the plant for Tianqi, which is now selling part of its stake to IGO Ltd (ASX: IGO) prior to paying the engineers.
The move positions IGO amongst the predicted-to-be booming lithium industry in Western Australia. Speaking to AFR about supply and demand in the lithium market, IGO Managing Director Peter Bradford said:
With the underlying electric vehicle, clean energy thematic, the worst thing that can happen there is that the supply side is unable to meet demand and we actually slow down the roll-out of electric vehicles etc.
Piedmont share price snapshot
Piedmont Lithium focuses on the development of its 100% owned Piedmont Lithium Project in North Carolina, USA.
Over the past 6 months, the Piedmont share price blasted 872% higher.
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Motley Fool contributor Gretchen Kennedy has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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