Lithium miner Pilbara Minerals has closed a stellar financial year, reporting record production and sales, as well as a 326% increase in net profits, which was reported at A$2.4-billion. The ASX-listed company reported a 64% increase in spodumene production which reached 620 100 t during the full year, up from the 377 900 t in the previous financial year, with sales also increasing by 68% to 607 500 t, compared with the 361 000 t sold in the 2022 financial year.
PERTH – Lithium miner Pilbara Minerals has closed a stellar financial year, reporting record production and sales, as well as a 326% increase in net profits, which was reported at A$2.4-billion.
As a result, revenue for the full year increased by 242%, to A$4.1-billion, up from the A$1.2-billion in the previous reporting period, while earnings before interest, tax, depreciation and amortisation increased by 307% from A$0.8-billion to A$3.3-billion. “Expansion highlights include P680 construction progression to provide an additional 100kt of production capacity and the P1000 Project final investment decision which is expected to lift total production to around one-million tonnes a year. In the area of chemicals, our joint venture with POSCO for the development of a jointly owned lithium hydroxide plant moved into construction, and we finalised the mid-stream demonstration Plant FID with our JV partners Calix.
“Today we also announced a 35% increase in ore reserves to 214-million tonnes which has enabled us to commence a new study to explore further expansion of production capacity beyond P1000. This potentially opens the door for additional tonnage to be allocated for downstream and midstream growth opportunities which will be reviewed as part of the strategic partnering process with outcomes now targeting the March quarter of 2024,” said Henderson.
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