$250 million in funding for Pilbara Minerals

Lithium heats up with huge profits for Pilbara Minerals

Australian lithium producer Pilbara Minerals has secured a 10-year debt facility from the Australian Government, through the Export Finance Australia (EFA) and Northern Australia Infrastructure Facility (NAIF) agencies, to support the expansion of its Pilgangoora operation in Western Australia.

EFA has approved finance of the US$ equivalent of $125 million, whilst NAIF has agreed to provide the same amount in funding.

Pilbara Minerals managing director Dale Henderson said the funding demonstrated the Australian Government’s willingness to support businesses to play a key role in supplying critical minerals that will aid the global transition towards renewable energy sources.

The senior secured facility of up to $250m will support the construction of:

  • the P680 project expansion to the Pilgan Plant to deliver an additional 100,000tpa of spodumene concentrate production at an estimated capital cost of $103m
  • the 5mtpa crushing and ore sorting facility, that will replace the existing contracted crushing facility and will facilitate future expansions that could ultimately deliver up to 1mtpa of spodumene concentrate capacity across the entire Pilgangoora operation at a capital cost of $194m.

“We look forward to continuing to work with the Australian Government as we pursue our growth and diversification strategy to further realise our ambition to become a fully integrated, sustainable battery materials supplier,” Henderson said.

Editor of industrial titles and mastheads with Prime Creative Media. Publications include Rail Express and Australian Mining (web content).
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