Pilbara Minerals’ Stock Climbed up on ASX after the release of its First Shipment of Spodumene Concentrate.

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Pilbara Minerals Ltd is involved in the operation of mining and exploration of the specialty metals lithium and tantalum. On 1 October 2018, Pilbara Minerals Ltd (ASX: PLS) made an announcement regarding the loading of its first shipment of spodumene concentrate from the Pilgangoora Lithium-Tantalum Project in Western Australia commenced in Port Hedland on 30 September and is expected to depart shortly which is bound for the off-take partners in North Asia regions. Following this news, the share prices of the company increased by 1.111% as on 1 October 2018.

Pilbara Minerals’ charter vessel, the ‘M.V. Pola Devora’ is expected to receive up to 8,800wmt (wet metric tonnes) of spodumene concentrate grading approximately 6.1% lithia and 1.2% Fe2O3. The product being loaded is a blend of coarse and fines concentrate from the Pilgangoora Concentrator, which continues to perform well in product throughput and concentrate quality. 

Further optimization as part of the Company’s continuing plant ramp-up is expected to help in higher production and further product quality improvements over time. Given the production rates now being achieved at Pilgangoora, planning for subsequent customer deliveries is continuing, with a loading of the next vessel – of approximately 15,000wmt – targeted to occur from the 3rd week of October. After achieving the producer status, Pilbara Minerals is planning report on production and sales outcomes from now on as part of the Company’s regular quarterly reporting. The Company is focusing on ramping up the plant to its Stage 1 nameplate capacity to fulfill the sizeable off-take positions of its high-quality customers, allowing them in turn to meet the demands of their battery materials clients.

For the year-end 30 June 2018, the company suffered a loss of $19.41 million which was $25.95 million in the previous year. The total asset of the company grew from $336.48 million in FY 2017 to $531.98 million in FY 2018. The net cash outflow from operating activities decreased from $16.28 million in FY 2017 to $8.99 million in FY 2018. As of June 30, 2018, the company had cash and cash equivalent of $119.97 million.

PLS’s share traded at $0.910 at a market capitalization of $1.57 billion as on 1 October 2018 (AEST 3:34 PM).

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