There's another ASX lithium stock ripping higher today.
And it's not Arcadium Lithium (ASX: LTM), which has been garnering headlines following the $10 billion takeover agreement reached with S&P/ASX 200 Index (ASX: XJO) mining giant Rio Tinto Ltd (ASX: RIO).
Rio Tinto will acquire Arcadium Lithium in an all-cash transaction for US$5.85 (AU$8.71) per share.
Having rocketed 45.7% on Monday amid speculations of a pending takeover offer, Arcadium shares just exited a temporary trading halt and are up 39.1% at $8.22 each.
The other surging ASX lithium stock in question here is Piedmont Lithium Inc (ASX: PLL).
The Piedmont Lithium share price closed yesterday at 18.5 cents. In late morning trade on Thursday, shares are swapping hands for 20.7 each. That puts the Piedmont share price up 11.9% today.
With those gains factored in, the ASX lithium stock is now up 107% in just the past month. Though shares remain down 62% over 12 months.
Here's what looks to be fuelling today's strong run.
Image source: Getty Images
ASX lithium stock takes off on permit approval
In a non-price sensitive announcement that nevertheless looks to have stoked interest in the ASX lithium stock, Piedmont Lithium announced that the Minerals Commission of Ghana has issued a Mine Operating Permit for its Ewoyaa Lithium Project.
Ewoyaa is a joint venture project being developed in partnership with Atlantic Lithium Ltd (ASX: A11). The Atlantic Lithium share price is up 13.8% on the news.
The company said that receipt of the permit marked the final regulatory approval required prior to commencing construction of the Ewoyaa Lithium Mine and processing plant. It also represents an important milestone towards reaching a Final Investment Decision (FID).
What did management say?
Commenting on the permit approval that looks to be sending the ASX lithium stock flying higher today, Piedmont COO Patrick Brindle said, "We are very pleased with the issuance on the Mine Operating Permit for the Ewoyaa project."
He added:
We look forward to the future development of the Ewoyaa project in due course, subject to the outcome of the mining lease ratification by the Ghanaian parliament, other ongoing design works, and prevailing market conditions.
Neil Herbert, executive chairman of Atlantic Lithium, said:
Representing the final regulatory approval required by the company before we can commence construction, the issuance of the Mine Operating Permit marks a critical milestone in the permitting process for the Ewoyaa Lithium Project.
With our sights set on achieving first production of lithium in Ghana, we now eagerly await parliamentary ratification of the Ewoyaa Mining Lease. We hope that ratification can occur in the coming sitting, expected to resume on the 15th of this month, which would set us on the path towards construction and operation of this globally significant lithium project.
How are other ASX lithium stocks faring today?
The Rio Tinto takeover agreement with Arcadium at a whopping premium is helping boost most ASX lithium stocks across the board.
As a sample, here's how these miners are tracking today:
