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Pilbara Minerals Ltd.
Summary
| Project: | Pilgangoora | |
|---|---|---|
| Deposit: | Pilgangoora | |
| Location: | Australia | |
| Commodities: | Lithium-Tantalum | |
| Date: | 7/25/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 25-7-2019: Pilbara Minerals Ltd. announces an Exploration/Drilling Update report for its Pilgangoora deposit at the Pilgangoora project. Drilling results incl. 18m @ 1.62% Li2O, 145ppm Ta2O5 from 89m. Ken Brinsden, Pilbara Minerals’ Managing Director and | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: John Holmes (Internal) | |
| ABSTRACT: | Ken Brinsden, Pilbara Minerals’ Managing Director and CEO, said: “From an operational perspective, the June Quarter saw further consolidation in the growth of spodumene concentrate production at Pilgangoora with high plant utilisation, excellent throughput, and strong product grade shipped to customers. The recovery to product was consistently in the range of 50-60% during the Quarter, with the next round of plant modifications to support further improvements in product recoveries to be undertaken during the September and December Quarters. These improvements are expected to contribute significantly towards lowering our operating costs, which will see them progressively reduce over the course of FY20 as we work towards achieving nameplate capacity. “Key customers have continued to progress the build-out and commissioning of their chemical conversion facilities in China, albeit at a slower rate than expected. These investments represent a pivotal chapter of development in the lithium supply chain and are aimed at enabling them to capitalise on the strong forecast demand for battery-grade lithium chemicals, which in turn drives their demand for our product. “As announced last month, the Company has responded proactively to this situation by making the decision to moderate production during the June and September Quarters while taking the opportunity to undertake additional improvement works on the plant to further enhance performance and improve recoveries. “We believe this approach is commercially prudent in the circumstances. It ensures that we protect strategic customer relationships which are central to the strong long-term outlook for our business and helps manage working capital and product stocks in the short term. Our confidence in the medium to longer term outlook remains unchanged and is further underpinned by our expanded offtake contracts with China’s Great Wall Motor Company, which will see us deliver an additional 20,000 dmt a year for six years. This is in addition to their existing 150ktpa offtake agreement from Stage 2. “Finally, our goal of establishing a downstream chemical conversion facility in joint venture with South Korea’s POSCO is well on track, with a final investment decision and approvals from both boards anticipated this September Quarter. Formal documents for the final downstream joint venture and technology licensing agreement are at an advanced stage and are expected to be finalised in the coming weeks. This will see the Company diversify into a growing battery materials market in South Korea with a significant and credible partner and will underscore the strength of its existing offtake agreement with POSCO.” | |
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