After bringing Latin Resources under its fold, Pilbara Minerals (PLS) has delivered an increase in spodumene concentrate for the first half of the 2024–25 financial year (H1 FY25).
Spodumene concentrate production totalled 408,300 tonnes (t) for H1 FY25, a 28 per cent increase compared to the prior corresponding period.
Spodumene concentrate sales saw a 37 increase, with 418,600t sold at an average estimated realised price of $US688/t.
“PLS delivered a strong half year, achieving new production and sales records at our Pilgangoora operation,” PLS managing director and chief executive officer Dale Henderson said.
“These achievements were underpinned by well executed project delivery, with the P680 expansion being completed on time and on budget. In parallel, the P1000 expansion project advanced and achieved first ore on January 31.
“This project is now moving through its ramp‐up phase … Once fully ramped up in FY26, the P1000 expansion project is expected to drive higher volumes and lower unit costs through achieving higher lithium recoveries and leveraging scale efficiencies.”
PLS delivered $426 million in revenue, $74 million in underlying earnings before interest, taxes, depreciation and amortisation (EBITDA), and $69 million in statutory profit after tax for H1 FY25.
While these results are lower compared to H1 FY24, Henderson said PLS is “highly optimistic about the long‐term outlook for the lithium market”, which has faced faltering prices for some time due to a supply surplus and an increase in lithium supplies from countries such as China.
Looking ahead, PLS hopes to undertake an exploration program at the Colina lithium project in Brazil to expand the resource base, test new prospects and infill the existing mineral resource.
“With a robust balance sheet supported by $1.2 billion in cash as at December 2024 and enhanced funding flexibility via our new revolving credit facility, PLS is well positioned for the future,” Henderson said.
“Our strategy of measured, market‐aligned investment – underpinned by our strong Pilgangoora operations and solid balance sheet – positions us to continue driving sustainable growth and deliver long‐term shareholder value.”
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.
