Here's why the Piedmont (ASX:PLL) share price jumped 10% today

The Piedmont (ASX: PLL) share price is on the move again, jumping 10% today. Let's look at what Piedmont lithium is doing on the ASX.

Gretchen Kennedy

Gretchen grew up in a small Connecticut town where she learned to read The Wall Street Journal as part of the grade six enrichment program. She moved to Australia in 2002, earned a Master of Arts (Professional Writing) and went on to spend eight years writing on Wall Street. In June 2018, Gretchen returned to Australia and has since developed a keen interest in all things ASX. In December 2020, she started writing for the Motley Fool. Gretchen's usually writing something, reading a book or chasing her dogs around.

Published March 10, 2021 4:27 pm AEDT

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.

Share price jump represented by goldfish leaping from small fishbowl to larger bowl — Image source: Getty Images

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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