Pilbara Minerals (ASX:PLS) moderates production on soft lithium market

Company News

by Rachael Jones

Pilbara Minerals (ASX:PLS) saw weaker customer demand and lower spodumene concentrate prices which both impacted the company’s half year results.

While the lithium market presented significant challenges during this period, Pilbara Minerals responded rapidly and proactively to these declining market conditions by moderating production at the Pilgangoora Lithium-Tantalum Project to better align with customer demand requirements.

They also completed major plant improvement and optimisation works that have improved lithia recoveries, lowering unit operating costs while in production.

Statutory net loss after tax for the half-year of $63.4 million. 

They undertook and equity raising of $111.5 million, to strengthen its balance sheet.

Shares in Pilbara Minerals (ASX:PLS) closed 4.69 per cent lower at $0.31 yesterday.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.