Pilbara Minerals Limited’s (ASX: PLS) stock climbed up 3.268% on September 17, 2018 as the company announced that it is in line with its deadline for the first shipment of spodumene concentrate from its 100% owned Pilgangoora Lithium-Tantalum project this month. This would further increase the production capacity of the company. According to the miner, the Pilgangoora Stage 1 concentrator is recording stronger production throughput for coarse as well as fines circuits. Average combined tonnage is estimated over 500t/day which is well in line with the expected throughout levels.
Further, the company stated that both the circuits have exhibited exceptional product quality reassuring that the project has the capacity to deliver a high-end product across the world markets. Pilbara also gave an update on its Plants stating that the run-rates have increased and are on the course of achieving design capacity input tonnes over a 24-hour period by harnessing combined coarse and fines concentrate production circuits. Latest developments such as this establish the efficiency and effectiveness of Pilbara Minerals through test work, process flow design and equipment selection as well as engineering. Pilbara stated that the operations would now be directed towards ramping up the plant utilization towards 85% of available time.
Pilbara added that they are progressing towards the previously set target of minimum 5,000 tonnes of Spodumene concentrate ready for ship-loading in Port Hedland, most probably from 20 September 2018. The company is focused towards increasing the production and increasing the inventory of the concentrate for the upcoming shipment to Pilbara Minerals’ premier customer group, following the first shipments. Spodumene Concentrate has been tested at the China-based research lab of General Lithium, a strategically significant partner of Pilbara. The company claimed that the final product produced in the rest matches up to the relevant industry standard in place.
In addition to the Spodumene Concentrate production status, Pilbara also announced that first shipment of tantalite concentrate to Global Advanced Metals has been completed. Talking about the Tantalite Concentrate, Pilbara Minerals stated that the company is blessed with fantastic talent at the company which is evident in the production quality and product quality.
In a separate announcement, the Australian Lithium Producer stated 35% increase in the JORC Reserve estimate for its 100%-owned Pilgangoora Lithium-Tantalum Project in Western Australia, holding true both Stage 2, 5Mtpa expansion along with the scope for further growth in the project. Pilbara Minerals’ Managing Director, Ken Brinsden stated that the growth in the Ore reserves assures the quality and scale of Pilgangoora project and effectively sets the scene for Stage 2, 5 Mtpa expansion. Further, Brinsden stated that customer demand is on the rise and the demand outlook is encouraging. He added that with an increase in the Resource and Ore Reserves, the company is on the right track to witness higher production from Pilgangoora, subject to completing the appropriate studies.
PLS’s shares traded at $0.790 with market capitalization of circa $1.33 Bn as of September 17, 2018 (AEST 04:00 P.M.).
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