PERTH (miningweekly.com) – Lithium miner Pilbara Minerals has seen a 56.5% increase in revenue for the half-year ended December, and a 66.7% increase in profits.
Pilbara on Friday reported a net loss after tax of A$21.1-million, narrowing from the net loss of A$63.3-million reported in the previous corresponding period, as revenues increased from A$37.7-million to A$59-million in the same period.
The company noted that 114 239 t of spodumene concentrate shipped in the period under review, compared with the 53 222 t shipped in the previous corresponding period. Pilbara noted that improved spodumene concentrate demand conditions which encouraged higher production, increased spodumene concentrate sales and contributed to a lower unit operating cost.
“I am extremely pleased with our performance during what was a challenging period for Pilbara Minerals and the entire lithium sector. We have worked hard, done what we said we would do and, with the entire lithium raw materials supply chain now rebounding quickly, we are prepared for the opportunities in front of us,” said MD Ken Brinsden.
“Our plant is performing well, we have driven down our operating costs and we now have expanded production capacity following the acquisition of the Altura project. At full capacity this acquisition makes us the largest, independent hard-rock lithium producer in the world and a more resilient and flexible operation – with open offtake in a market that is improving day-by-day.”
Brinsden said that the lithium raw material markets was clearly in an upward trend as related to both demand and price, which was now translating to improved spodumene pricing.
“Further, we are fielding more supply enquiries by the day, implying Pilbara Minerals is well-placed with both low-cost operations and near-term expansion capacity to capitalise on this part of the cycle.
“Our plan over the next four to six months is to complete a comprehensive evaluation of the Altura project to inform both our integration strategy and future operating strategy, with the aim of optimising the integration of the two operations and increasing production, while maintaining a strong balance sheet.”