Pilbara Minerals Limited
Pilbara Minerals Limited
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West Australian lithium-tantalum miner Pilbara Minerals is eyeing improved cash-flow and lower costs at its stuttering Pilgangoora project after reaching binding commitments for a $US110M senior secured debt facility from international bank BNP Paribas and Australian specialist investor Clean Energy Finance.
The new facility from two of Pilbara’s long-term supporters will enable the company to redeem its existing $100M Nordic Bond, which carries a 12% cost of funding, at its average interest rate of about 5%.
Australian lithium-tantalum miner Pilbara Minerals is maintaining a close watch on the COVID-19 conditions in China and elsewhere while maintaining a moderated production strategy at its Pilgangoora project in WA.
Provisional March qtr (Q3FY20) shipments from the Pilbara region mine were 33,893dmt spodumene concentrate, compared to 33,178t in the Dec qtr, below sales guidance of 35,000-50,000t. Provisional tantalite concentrate sales totalled 33,998lb (Q2: 78,156lb).
West Australian lithium-tantalum producer Pilbara Minerals is finding more support for an incremental and optimised expansion of its Pilgangoora mine while constraining current production in response to softer market conditions in China.
Results of Pilgangoora’s revised 5Mtpa expansion are due for release in the March qtr, with final investment decisions to follow subject to market conditions and customer demand.
A mining supervisor has been remanded in police custody accused of murdering a colleague at a Pilbara mine in Western Australia.
Troy Hausler, 30, was charged after the body of Toby Richter, 40, was found at Pilbara Minerals’ producing Pilgangoora Lithium Mine site, 120km SE of Port Hedland, on Monday morning, temporarily halting mine operations that have since resumed. The 2 were employed at the mine through crushing services contractor CSI Mining Services.
Australian lithium-tantalum producer Pilbara Minerals has restarted operations at its Pilgangoora project in the WA Pilbara after state police handed back control of the site after completing initial investigations into the death of a contractor yesterday.
The company expects to return to the limited production rates it has adopted in the last month due to faltering markets.
Police have confirmed they are questioning a 30-year-old man over the investigation of the suspicious death of the victim, believed to be in his 40s.
Pilbara Minerals has temporarily shut down operations at its Pilgangoora Lithium-Tantalum Project in N Western Australia’s Pilbara region and suspended ASX trading in its shares as homicide squad detectives question a man over the death of another at the mine unrelated to mining early today.
West Australian lithium miner Pilbara Minerals has posted lower Sept qtr (Q1FY20) output of 21,322dmt spodumene concentrate from its Pilgangoora project, down from 63,782t in the June qtr, in line with its announced production cutbacks due to slow customer take-up.
Spodumene concentrate shipments fell to 20,044t (Q4FY19: 43,214t), including parcels of 6% (SC6) and 5.5% (SC5.5) 5.5% Li2O. Tantalite concentrate sales also declined to 12,171lb (38,856lb).
Leading lithium-ion battery and energy storage systems manufacturer Contemporary Amperex Technology has gained Chinese government approvals for a $A55M investment in Pilbara Minerals, clearing the way for the West Australian miner to complete the ramp-up of its 100%-owned Pilgangoora lithium-tantalum mine.
The two-tranche placement of 183M shares at 30cps is the key component of Pilbara’s $111.5M fund-raising to overcome delays in the project ramp-up and fund further studies.
Western Australia lithium producer Pilbara Minerals is near completing its $A111.5M raising after closing the over-subscribed $36.5M institutional component of its $91.5M equity raising, with another $55M to come from a strategic placement and $20M from a share purchase plan.
The $0.30cps institutional placement will be followed by $55M from CATL, China’s largest battery manufacturer for electric vehicles, giving it 8.5% of Pilbara Mins, and the SPP.
West Australian lithium producer Pilbara Minerals has abandoned its previous timeline for the planned expansions of its 100%-owned Pilgangoora lithium-tantalum mine after delayed customer take-up slowed its first stage sales.
After ending a search for development partners, Pilbara says it will now pursue the second stage expansion of the project as a standalone project with the timing to match customers’ requirements.