REFILE-Pilbara Minerals first-quarter production rises on improved plant performance

Reuters
Oct 24
REFILE-Pilbara Minerals first-quarter production rises on improved plant performance

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Oct 24 (Reuters) - Australia's Pilbara Minerals PLS.AX logged a 2.1% rise in spodumene concentrate for the first quarter on Friday, driven by stable output from its Pilgangoora operations in Western Australia.

The pure-play lithium miner produced 224.8 thousand tonnes (kt) of spodumene concentrate, used to make lithium, in the three months ended September 30, higher than the 220.1 kt it recorded in the same period last year.

The firm said unit operating costs on a free-on-board basis reduced by 10.9% to A$540 per tonne, reflecting the "continued realisation of operational efficiencies and implemented cost reductions", according to its statement.

However, "while the September quarter delivered strong cost performance, unit costs are expected to face upward pressure over the remainder of the financial year due to seasonal operational challenges typically associated with the wet season," it added.

Pilbara Minerals reported revenue of A$251 million ($163.10 million) for the quarter, compared with A$210 million in the same period a year earlier.

Shares of the lithium miner rose as much as 6.4% to A$3.15 in early trade, hitting their highest since November 18.

($1 = 1.5389 Australian dollars)

(Reporting by Shivangi Lahiri in Bengaluru; Editing by Maju Samuel)

((shivangi.lahiri@thomsonreuters.com))

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