Pilbara Minerals saw its spodumene concentrate production increase by four per cent during the first half of the 2023–24 financial year.
The increase saw spodumene hit 320.2 thousand tonnes (kt) for the major miner, as well as sales increasing seven per cent to 306.3kt.
Pilbara Minerals managing director and chief executive officer Dale Henderson said the results represented a strong set of outcomes.
“With the company’s low unit-cost structure and strong balance sheet, Pilbara Minerals is uniquely placed to better withstand periods of softer pricing whilst continuing to build-out the production base to capitalise on improved pricing conditions,” he said.
While revenue declined by 65 per cent to $757 million, this was offset by the seven per cent increase in sales volume.
Pilbara Minerals is continuing its focus on its chemical plant joint venture (JV) in South Korea. Pilbara Minerals joined forces with POSCO Holdings back in November 2023 to progress its lithium hydroxide monohydrate chemical facility in Gwangyang.
“Pilbara Minerals’ long-standing objective to participate in lithium chemical manufacturing was advanced with the commencement of commissioning of Train 1 at our POSCO Pilbara Minerals’ JV chemical plant in South Korea,” Henderson said. “A fantastic milestone for the JV and Pilbara Minerals shareholders.
“Although pricing has reduced significantly from the prior year record highs, the company finds itself in a position of strength.
“Our strong balance sheet positions the business to navigate any period of softer pricing and provides a competitive advantage relative to many peers within the sector.”
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