Piedmont Lithium (NASDAQ: PLL) shares were on an upswing in pre-market trading on Tuesday as the developer of lithium resources amended its agreement with EV major, Tesla (TSLA).
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Under the terms of the new amended agreement, Piedmont will deliver around 125,000 metric tons of spodumene concentrate (SC6) to Tesla beginning in the second half of this year through the end of 2025. This agreement will be binding for a period of three years and includes an option to renew the agreement for another three years.
The company stated that “the SC6 pricing will be determined by a formula-based mechanism linked to average market prices for lithium hydroxide monohydrate throughout the term of the agreement. The pricing received by Piedmont under the agreement with Tesla will be determined by market prices at the time of each shipment.”
PLL scores a Strong Buy from analysts with four unanimous Buys.
