03:31 PM EDT, 09/05/2024 (MT Newswires) -- (Updates with Piedmont's confirmation and additional details throughout.)

Piedmont Lithium ( PLL ) has withdrawn loan applications from the US Department of Energy Loan Programs Office for its Carolina and Tennessee lithium projects, the company confirmed to MT Newswires.

The company has decided to cancel the Tennessee project plans and has different plans for Carolina Lithium project, Chief Executive Keith Phillips told MT Newswires.

As market conditions have changed and the business has evolved, Phillips said Piedmont intends "to maintain discipline and manage cash, which invariably means that our timelines for development will have to move to the right."

"We don't necessarily feel a sense of urgency at this stage. We would expect to submit a fresh application at a point in the future and we would look forward to working with DOE when that time comes," he said.

Piedmont's loan application pullout was reported by Reuters earlier.

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