GREENWICH, Conn. - Stardust Power Inc. (NASDAQ: SDST), a U.S. firm specializing in battery-grade lithium products, today announced the appointment of Paramita Das as its Chief Strategy Officer and Senior Advisor. Das, a seasoned executive with over two decades of experience in the metals and mining industry, will be advising CEO Roshan Pujari and supporting the company's commercialization efforts.
Das's career includes significant roles at Rio Tinto (NYSE:RIO), where she was the Global Head of Marketing, Development and ESG for Metals and Minerals, and strategic positions at Sumitomo Corporation, Itochu Corporation, UACJ Consortium, and BP (NYSE:BP). She is also a board member at Genco Shipping (NYSE:GNK) & Trading Limited and Coeur Mining (NYSE:CDE), Inc.
“We are ecstatic to be working with Paramita given her stature and global leadership experience in the metals and mining sector, as we continue to advance our battery-grade lithium refinery in Oklahoma,” said Pujari.
“Paramita shares our vision of reshoring lithium processing and production to support U.S. energy independence. I look forward to working closely with her to ensure Stardust Power remains at the forefront of operational supply chain and sustainability practices.”
In her new role at Stardust Power, Das will leverage her expertise to drive the company's strategy, focusing on reshoring lithium processing and production to enhance U.S. energy independence. This strategic hire comes as Stardust Power is developing a lithium refinery in Muskogee, Oklahoma, aiming to produce up to 50,000 metric tons of battery-grade lithium annually.
Das expressed enthusiasm for her role, highlighting the opportunity to establish a leading U.S. lithium refinery and contribute to a robust ESG framework for the company's operations and stakeholder communications.
In other recent news, Stardust Power Inc. has recently entered into an agreement with Primero USA, Inc. The contract, valued at approximately $4.7 million, pertains to the development of Stardust Power's Muskogee Lithium facility located in Oklahoma. Under the terms of the agreement, Primero will provide a range of professional services including engineering, design, and consultancy.
These services are aimed at supporting the procurement of major equipment, engaging third parties for construction, and delivering a Front End Loading-3 (FEL-3) report for the facility. They are also expected to be completed in the first half of 2025. The company will make periodic payments upon the execution of the agreement and upon reaching specific milestones detailed in the contract. These recent developments mark a period of significant change and progress for Stardust Power Inc.
InvestingPro Insights
Following the strategic appointment of Paramita Das, Stardust Power Inc. (NASDAQ: SDST) has shown a significant return over the last month, with a price total return of 41.2%. This uptick in performance is noteworthy as it comes amidst the company's efforts to strengthen its position in the lithium market and the development of its refinery in Oklahoma. The company's stock has also experienced a notable return of 7.66% over the past week, signaling a positive investor response to the recent developments and Das's appointment.
Investors should note that Stardust Power operates with a moderate level of debt and does not pay a dividend, emphasizing the company's focus on reinvesting into its growth initiatives. According to InvestingPro Tips, the stock generally trades with high price volatility, which could be attributed to the nature of the commodities market and the company's ongoing expansion efforts. For those seeking more in-depth analysis, there are additional InvestingPro Tips available at: https://www.investing.com/pro/SDST.
The current market capitalization of Stardust Power stands at $584.68 million, reflecting the market's valuation of the company's potential in the burgeoning electric vehicle industry. Despite not being profitable over the last twelve months, with a negative P/E ratio of -16.08, investors may be pricing in the expected future growth and the strategic value that Das could bring to the company's operations. The forward-looking nature of the market is also evident in the stock's price being 44.08% of its 52-week high, indicating a level of optimism for Stardust Power's future prospects.
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