Make Kitco Your Homepage

Pilbara Minerals doubles lithium carbonate shipments, regains inclusion in S&P/ASX 200 index

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) - Pilabara Minerals (ASX:PLS) said Wednesday it shipped 71,229 dmt of spodumene concentrate in its March quarter, more than double the 33,729 dmt shipped during the same quarter a year ago.

The Western Australia-based company was laboring under COVID-19 restrictions a year ago and a subsequent steep fall in industrial activity.

The company highlighted some sector positives. The company said customer inquiries were up, and lithium carbonate prices had almost doubled so far this year to US$11,700 per tonne, according to an analysis by Benchamrk Minerals.

"In late March 2021, a letter of credit was received ahead of an April 2021 spot sale of spodumene concentrate implying a headline price of US$655/dmt (SC6.0, CIF China basis), highlighting the recent strong upward trajectory in pricing," noted the company.

The company said it was reinstated on the S&P/ASX 200 index last month, "...reflecting the strong increase in its market capitalisation over recent months."

The company said site works have commenced on its Pilgangoora Stage 1 improvement projects to increase spodumene concentrate production up to ~380,000 tpa.

At the mine, the company eventually anticipates an ore throughout to up to 7.5Mtpa to deliver a total 1.2Mtpa of spodumene concentrate and 1.1Mlbspa of tantalite concentrate to market over a minimum 15-year mine life.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.