Pilbara Minerals surges on record quarter
Pilbara Minerals has surged over 20% this week. The lithium miner announced a record December quarter for shipments of spodumene concentrate. PLS recorded 70,609 dry metric tonnes (dmt) of spodumene concentrate delivered to offtake partners, exceeding previous sales guidance in the range of 55,000 to 70,000 dmt forecasted in the September announcement.
The record achievement represents a 38% increase on shipments for the previous quarter and is well above the previous shipment record of 46,682 dmt achieved by the company two years ago.
Pilbara noted improving spodumene concentrate demand conditions are evident from both within the company’s existing offtake customer group and as well as new enquiries. There is also a material uplift in lithium chemicals pricing within China, with Platts Battery Grade lithium carbonate pricing up 35% to date from its lows in August 2020.
Pilbara Minerals’ Managing Director and CEO, Ken Brinsden, said:
“What a great way to start the New Year with record tonnes shipped from Pilgangoora to support increasing customer demand and an upward trend evident in the price for lithium chemicals in China, showing positive signs of a recovery in the lithium raw material market. The significant amount of work we have undertaken over the past 18-months in improving lithia recoveries, reducing operating costs and refinancing our senior debt facility, together with the impending acquisition of the neighbouring Altura Lithium Project, means that Pilbara Minerals is well-positioned to respond to a recovery in the lithium market and capitalise on improvements in market conditions.”