‘Disciplined Delivery’: Pilbara Minerals FY24 results

Pilbara Minerals (ASX: PLS) made significant strides in safety and production and is set to capitalise on several promising projects, despite a softer lithium pricing environment.

Spodumene concentrate production increased 17% to 725.3kdmt from FY23.

Safety metrics also improved with the Total Recordable Injury Frequency Rate reduced by 27% to 3.4 compared to FY23.

These results follow the opening of Pilbara Minerals new crushing and ore sorting facility at its Pilgangoora operation in WA, the final component in the P680 project.

The P1000 project also progressed on schedule and budget.

Pilbara Minerals managing director and chief executive Dale Henderson says the successful completion of the P680 primary rejection facility was a significant milestone, enabling record production and sales.

“The operating performance of this facility also demonstrated scale unit cost benefits that can be expected to be further improved upon with completion of the upcoming P1000 project,” he said.

“Beyond this current expansion, the P2000 project pre-feasibility study was completed offering a potential further growth step in production for the future.

Earlier this month, Pilbara Minerals also announced its acquisition of Latin Resources (ASX: LRS) after entering a binding scheme implementation agreement.

“This strategic, counter-cyclical acquisition will further diversify our business, adding a second 100% owned, hard rock lithium asset that is expected to be highly accretive for our shareholders over time,” Mr Henderson says.

“We are excited about the value this transaction will create and look forward to updating the market as we progress.”

Earlier this year, Pilbara Minerals also began a joint feasibility study with Ganfeng on a downstream lithium conversion plant that could produce around 32ktpa lithium carbonate equivalent of lithium chemicals along with a potential intermediate lithium chemical product.

Pilbara Minerals reports the study remains on track and aligned with its long-term growth strategy.