Pilbara Minerals is an Australian lithium-tantalum producer listed on the Australian Securities Exchange (ASX: PLS) and considered within the top 200 companies in Australia (ASX200 index).
Through the development of its 100%-owned Pilgangoora Lithium-Tantalum Project (Pilgangoora Project), Pilbara Minerals is set to become one of the biggest lithium raw materials producers in the world.
The Pilgangoora project is located in Western Australia’s Pilbara region and is considered one of the largest hard-rock lithium-tantalum deposits globally. The significant scale and outstanding quality of the Pilgangoora project has seen Pilbara Minerals progress it from first drill hole to production in under four years.
Currently in production and with product shipments underway, Pilbara Minerals is embarking on an expansion of the Pilgangoora Project. This Stage 2 expansion will see the processing capacity increase from the current 2Mtpa to 5Mtpa, subsequently increasing production from 330,000tpa to 800-850,000tpa ~6% spodumene concentrate, and 321,000lbspa to 800,000lbspa of tantalite concentrate.
The low cost, long life and high quality Pilgangoora project has attracted a group of high quality, experienced global offtake partners including Ganfeng Lithium, General Lithium, Great Wall Motor Company and POSCO. Collectively, these customers account for 100% of current and Stage 2 spodumene production and provide Pilbara Minerals a strategic link into China’s lithium market and the emerging South Korean lithium market.
Through its customers Pilbara Minerals is also pursuing a position in the downstream ‘value-added’ lithium market through the development of chemical conversion plants in South Korea and China.
A snapshot of the stocks on the move, featuring Matsa Resources (ASX:MAT), BluGlass (ASX:BLG) and Pilbara Minerals (ASX:PLS).
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Operationally, Pilbara Minerals (ASX:PLS), the country’s best-performing lithium player, had a solid three months to March 31 at its WA operations, with record mining, production, and sales. Unfortunately, on the pricing and financial side, it was as tough as it will probably get.
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Pilbara Minerals (ASX:PLS), a major player in the global lithium market, has disclosed a staggering collapse in lithium prices. The nosedive, confirmed via the company's announcement, underscores the tumultuous journey of this crucial battery material from its peak in late 2022 to the present, marking a decline exceeding 80%.
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Pilbara Minerals (ASX:PLS) is poised to reinvigorate the market for spodumene concentrate as it gears up to resume its auctions early next week. The move comes as the company seeks to leverage price dynamics to stimulate demand in the lithium sector.
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Despite a 71% slump in its cash margin in the six months to December, Pilbara Minerals (ASX:PLS) maintained a hold on its cash reserves, which ended the half at just over $2.144 billion, down just 4% from a year earlier when $2.22 billion was on hand.
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Pilbara Minerals (ASX:PLS) has warned investors not to expect an interim dividend as it grapples with the slide in lithium prices that has seen the value of its spodumene production slashed by up to 80%.
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Credit Suisse downgrades its rating to Neutral from Outperform with the target rising to $0.95 from $0.40.
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While production and shipments were solid in the first quarter Pilbara Minerals has pointed out prices remain weak
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The June quarter production result was positive, Credit Suisse observes. The project has demonstrated design recovery of 70-75% for extended periods. The main issue is with demand which is outside the company's control.
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Pilbara Minerals has shipped 33,700t of spodumene concentrate in the March quarter, a flat outcome on the prior quarter.
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