By Jasmine Li

Shares of Piedmont Lithium rose after it said it more than doubled its shipments of spodumene concentrate, a product critical to the electric vehicle supply chain, compared to the previous quarter.

The lithium mining company's stock climbed 10.09% to $12.98 in Monday afternoon trading. Shares are down 54% year over year.

The Belmont, N.C.-based company said it shipped approximately 31,500 dry metric tons of spodumene concentrate in the third quarter, up from the 15,500 dry metric tons it shipped in the second quarter.

Piedmont Lithium said it is targeting approximately 55,000 dry metric tons for the fourth quarter, which would total 116,000 dry metric tons for 2024.

At the North American Lithium mine, of which Piedmont owns 25%, production increased 5% to 52,141 dry metric tons from the prior quarter. The mill utilization rate was 91%, the company said.

Australian company Sayona Mining owns the remaining 75% of North American Lithium, the largest producing spodumene mine in North America according to the companies.

Write to Jasmine Li at jasmine.li@wsj.com

(END) Dow Jones Newswires

October 28, 2024 12:02 ET (16:02 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.