Piedmont Lithium (PLL.US) is one of the best performing Wall Street stocks today. Company's shares surge over 30% after it received a long-awaited permit for construction of its Carolina Lithium project in North Carolina. Piedmont's CEO said that the company intends to develop project to be one of the lowest cost, most sustainable lithium hydroxide operations in the world. Piedmont also intends the project to be a critical part of the US electric vehicle supply chain.
Proposed mine is expected to have an output of 30 thousand metric tons of lithium hydroxide per year. Company has first filed for the permit to operate mine at this site 2.5-years ago, but has face many regulatory hurdles. News of approval caught analysts off guard, who say that it is a big, unexpected win for the company, who is supplying lithium for Tesla (TSLA.US), among others.
Taking a look at Piedmont Lithium (PLL.US) chart at H1 interval, we can see that the stock launched today's trading with a big, over-20% bullish price gap. Stock continued to gain during the session and broke above the $17.00 resistance zone. Stock briefly traded at the highest level since late-January 2024. Part of earlier gains has been erased already but the stock still trades around 20% higher on the day.
Source: xStation5
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