Latest With 2 Popular Lithium Stocks - GXY And PLS

  • Apr 10, 2019 AEST
  • Team Kalkine
Latest With 2 Popular Lithium Stocks - GXY And PLS

Below are the latest updates of 2 mineral stocks based on lithium exploration business:

Galaxy Resources Limited

The Applecross, Australia-based Galaxy Resources Limited (ASX: GXY) is a global producer of lithium concentrate with production facilities, hard rock mines and brine assets across Argentina, Canada as well as Australia. Currently, GXY’s market valuation stands at AUD 776.33 million with 407.52 million outstanding shares. On April 10th, 2019, the GXY stock price closed the trading at AUD 1.900, down 0.26%.

The company’s portfolio of operational projects includes the James Bay Spodumene Project in Quebec, Canada and the Mt Cattlin Spodumene Mine in Western Australia. Meanwhile, the Sal De Vida Lithium and Potash-Brine Project is at the planning stage in Argentina.

On April 4th, 2019, Galaxy Resources announced the appointment of Mr Simon Hay as the new CEO with his tenure beginning from July 1st, 2019. Mr Simon has an extensive prior experience of working at leading Australian mining companies including WMC Resources, BHP Billiton and Iluka Resources.

Recently, the company also informed that the Grand Council of the Cree, the Cree Nation Government and the Cree Nation of Eastmain have entered into a Pre-Development Agreement regarding the development of the James Bay Lithium Mine Project. Currently, the environmental and social impact assessment for the project has been completed.

In March 2019, the company also received the full USD 271.6 million consideration from POSCO in concerning the sale of the tenement package situated on the northern portion of the Salar del Hombre Muerto. For the half-year to December 31st, 2018, the revenue from ordinary activities increased by 60% to USD 153.93 million and the profit of USD 150.22 million marked a staggering rise of 118,186% from $ 127k in the prior corresponding period (PCP).

Pilbara Minerals Limited

Pilbara Minerals Limited (ASX: PLS), headquartered in West Perth, is another metals and mining sector company that explores, assesses and develops mineral resources in Australia. Its primary focus is on developing the Pilgangoora Lithium-Tantalum Project situated in Western Australia’s Pilbara region. The company has a market capitalisation of around AUD 1.29 billion to date with ~ 1.85 billion outstanding shares. On April 10th, 2019, the PLS stock closed the market session at AUD 0.700 with ~ 1.85 billion outstanding shares.

Recently, GFL International Co., Limited became a substantial shareholder in Pilbara Minerals as it purchased around 152,605,323 ordinary fully paid shares (8.37%) of the company. On March 28th, 2019, Pilbara Minerals announced that it started to consider partners for the Stage 3 offtake, chemical plant participation and potential minority interest sell-down of 20-49% of the Pilgangoora project, marking a key milestone for the company’s long-term strategy to exploit the full potential of the deposit.

The Stage 3 process is expected to expand the project’s processing capacity to 7.5Mtpa over an estimated mine life of 15 years.

The commercial production at the Pilgangoora has also been given a green flag following the receipt of continuous spodumene concentrate production during the first six months of operations from Stage one. The performance was consistent in terms of production nearing design capacity, achievement of feed-rate requirements of 270 tonnes per operating hour, product quality as well as decent average recovery rates.


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.

 

All pictures are copyright to their respective owner(s).Kalkinemedia.com does not claim ownership of any of the pictures displayed on this website unless stated otherwise. Some of the images used on this website are taken from the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image.

 

There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.

CLICK HERE FOR YOUR FREE REPORT!
   
x
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK