On July 20, 2021, Reuters published an article entitled “In push to supply Tesla, Piedmont Lithium irks North Carolina neighbors” which reported that Piedmont “has not applied for a state mining permit or a necessary zoning variance in Gaston County, just west of Charlotte, despite telling investors since 2018 that it was on the verge of doing so.” The article also reported that “[f]ive of the seven members of the county’s board of commissioners, who control zoning changes, say they may block or delay the project because Piedmont has not told them what levels of dust, noise and vibrations will occur, nor how water and air quality would be affected[,]” and quoted the chair of the board of commissioners stating that “Piedmont has sort of put the proverbial cart before the horse[.]”
The article further reported that “[s]tate officials added their review process could stretch for more than a year as they solicit comments from at least six other state and federal agencies[,]” and quoted the director of Gaston County’s planning and zoning office stating that “I’m not even going to accept an application from Piedmont for rezoning until they have their state permit in hand[.]”
On this news, Piedmont’s stock price fell sharply during intraday trading on July 20, 2021, damaging investors.
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