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(Kitco News) - Australian lithium producer Pilbara Minerals (ASX: PLS) reported today that in its financial year ended June 30 2023 (FY23), the company produced 620.1 kdmt of spodumene concentrate, 64% higher than FY22 and at the top end of production guidance.
In a press release, the company said that the increase in production for the full year was driven by a combination of product grade strategy and improvements in productivity.
For the full year period, unit operating costs were A$613/t on a FOB basis, toward the bottom end of guidance of A$600-A$640/dmt.
The company added that its FY23 revenue increased by 238% to A$4.0 billion (FY22: A$1.2 billion).
Pilbara also reported that production of spodumene concentrate increased by 10% quarter-over-quarter to 162.8 kt in the June quarter of 2023, the highest quarter since commissioning, driven by continued improvements in processing.
However, the company’s revenue declined by 18% in the quarter from A$1,033.9 million in the March quarter of 2023 to A$844.0 million in the June quarter of 2023 with a 22% increase in sales volumes partially offsetting a 33% decline in average estimated realized price.
Pilbara Minerals is the leading ASX-listed pure-play lithium company, owning 100% of the world’s largest, independent hard-rock lithium operation. Located in Western Australia’s resource-rich Pilbara region, the Pilgangoora Operation produces a spodumene and tantalite concentrate.
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