Piedmont Lithium stock soars on approval for a mining permit

Piedmont Lithium Inc (ASX: PLL) is up more than 20% on Monday after securing approval for a mining permit in Gaston County, North Carolina.

Here's what it means for Piedmont Lithium stock

The mining company had applied for the said permit related to its Carolina Lithium project in August, 2021.

Piedmont expects that project to be one of the most sustainable and lowest-cost lithium hydroxide operations globally and be critical for the United States in terms of its electric vehicle supply chain.

$PLL is convinced that Carolina Lithium will create several hundred jobs and contribute billions to the economy.  

The half-a-billion-dollar company based out of North Carolina, United States is expected to lose 46 cents a share in its current financial quarter versus 47 cents per share a year ago.  

CEO Keith Phillips' remarks on the mining permit

Piedmont Lithium received approval for the mining permit from the North Carolina Department of Environmental Quality (NCDEQ).

The permit, however, is subject to customary and specific conditions. Keith Phillips - the chief executive of $PLL said in a press release on Monday:

Wall Street currently has a consensus "overweight" rating on Piedmont Lithium stock that does not pay a dividend yield at writing. The news arrives a couple months after $PLL laid off 27% of its workforce that it said will deliver about $10 million in annual savings.