09:25 AM EDT, 09/05/2024 (MT Newswires) -- Piedmont Lithium ( PLL ) has pulled its loan application with the US Department of Energy's Loan Programs Office as it scales back expansion plans amid falling lithium prices, Reuters reported Thursday, citing Chief Executive Keith Phillips.

Piedmont doesn't feel "a sense of urgency at this stage" to pursue the loan application and will "maintain discipline and manage cash," Phillips said in a statement to Reuters, according to the report.

The cancellation of the loan application was partly because of the costs related to the process, a company executive reportedly told Reuters. In the loan review process, applicants are required to pay for technical experts who advise the Loan Programs Office, according to the report.

The company didn't immediately respond to a request for comment from MT Newswires.

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