GASTON COUNTY, N.C. — Piedmont Lithium and Sayona Mining received preliminary approval on a $623 million merger from shareholders on Friday, The Charlotte Observer reports.
Several lithium companies are consolidating and delaying projects following the drop in lithium prices as electric vehicle sales slow, The Charlotte Observer reports.
Friday’s vote approved a merger between Piedmont Lithium and Sayona Mining, compensation to Piedmont Lithium’s executive officers, and a possible later special meeting.
The merger would create a nearly 50-50 equity holding split, with the new company being named Elevra Lithium.
The two companies already jointly own a North American Lithium project in Quebec. And Piedmont Lithium has plans to open a $1 billion mine in Gaston County.
The Charlotte Observer reports that the new company’s headquarters will be in Australia, with the U.S. headquarters in Belmont.
Read more about the merger on the Charlotte Observer’s website.
WATCH: Piedmont Lithium grilled by Gaston County commissioners, residents over proposed mining operation
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