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(Kitco News) - Despite the Inflation Reduction Act becoming politicized, it does have some protections, noted Chief Commercial Officer Austin Devaney.
On June 22, 2023, Devaney spoke to Kitco at the 15th Lithium Supply and Battery Raw Materials 2023 in Henderson, Nevada.
Piedmont Lithium is a lithium miner advancing projects in Quebec, Tennesse, North Carolina and in the country of Ghana. The company is also advancing downstream processing facilities. The Quebec project, a joint venture with Sayona Lithium, recently achieved commercial production. Sayona was brought out of bankruptcy early this decade.
Piedmont hit an important milestone, noted Devaney. Mine development is a long process. Piedmont was founded seven years ago.
"We moved the company from a non-revenue, pre-revenue company to a revenue-producing company," said Devaney. "It is truly an exciting time in the life of a company."
Devaney called the Inflation Reduction Act "monumental" in building out battery supply chain in the U.S. Despite becoming politicized, the incentives reach into red and blue states. It would also be a big lift by congress to revoke the legislation after passing it.
"You'd really need a pretty heavy lift on either party side to change a law that's gone into place," noted Devaney.
Lithium prices had a big drop at the start of the year before recovering. Devaney expects more volatility.
"We're still going to be seeing a lot of volatility," said Devaney. "It will be the name of the game when it comes to lithium prices."
Devaney said there are "chunky waves demand."
"There'll be a lot of tools put in place to help cure some of that volatility, but I think when you look at the challenges that we face to bring new supply into the market, that's going to create a lot of bubbles."
Coverage of 15th Lithium Supply and Battery Raw Materials 2023 sponsored by Lindian Resources (ASX:LIN).
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