New CEO and a name change coming for lithium mining company near Charlotte
A North Carolina lithium mining company could have a new name by fall.
Piedmont Lithium will become Elevra Lithium, the Belmont-based company said Thursday, following the nearly 50-50 holding split planned merger with Australia-based Sayona Mining.
The estimated market capitalization of the proposed merged company is $623 million.
The merger was announced in November and is expected to be completed by mid-year following shareholder and federal regulatory approvals, Piedmont said. Further details on the brand and logo will be provided closer to the transaction completion, Piedmont said.
Piedmont Lithium and Sayona merger deal
Piedmont Lithium and Sayona already jointly own a North America Lithium project in Quebec, Canada.
Sayona Mining will become the parent company and the Belmont office will be its U.S. headquarters. Sayona’s Lucas Dow will become CEO of Elevra.
Elevra’s board of directors is made up of four nominees from each company, Piedmont said Thursday. The Elevra Lithium chair designate is Dawne Hickton of Piedmont.
Lithium mining in North Carolina
Piedmont announced four years ago that it plans to open a $1.2 billion lithium mine on over 1,500 acres east of Cherryville in Gaston County. It’s about 25 miles west of Charlotte. That plan has drawn protests over environmental and health concerns since it was first proposed in 2021.
The project is one of two lithium mines planned in North Carolina along the Carolina Tin-Spodumene Belt. Large green areas in white pegmatite rock called spodumene are extracted to make lithium. North Carolina is among a few places in the world where lithium mining is possible.
Lithium is used in batteries to power electric vehicles, bikes and personal electronic devices. Piedmont has a contract with Tesla for its lithium.
Last year, North Carolina Department of Environmental Quality approved Piedmont’s original permit, a key approval in the process. Piedmont is in the process of obtaining state and local permits for Carolina Lithium, according to the company’s 10-K SEC filing in February.
The other project is from Charlotte-based Albemarle Corp. reopening a dormant lithium mine in Kings Mountain. Albemarle is the world’s largest lithium miner. Albemarle’s project is on nearly 1,200-acres in Cleveland County, about 30 miles west of Charlotte off Interstate 85.
Both sites are for open-pit mines, similar to a quarry.
Piedmont had 23 employees as of Dec. 31, according to the company’s 10-K filing. Sayona has about 230 employees, reports show.
This story was originally published April 10, 2025 at 1:37 PM.