Piedmont Lithium Inc's shares rebounded from early losses on Wednesday sparked by comments from short seller Blue Orca Capital, which alleged that mining licenses in Ghana obtained by a company it invested in were through what appeared to be 'textbook corruption'.
Piedmont and Atlantic Lithium did not immediately respond to requests for comment on the report.
Piedmont, which is currently valued at roughly $1 billion, in January amended its deal with Tesla to supply spodumene concentrate, a key raw material for making batteries, to the EV maker through 2025. Founded in 2016 in Australia, Piedmont moved its headquarters to North Carolina in 2021 in hopes of developing a mine that would be one of the largest U.S. lithium mines. However, the project has been delayed due to concerns from local residents and reviews from state regulators.that the company's first steps in securing lithium supplies would likely then be in Canada or Ghana.
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