Pilbara’s revenue soars
PERTH (miningweekly.com) – Lithium miner Pilbara Minerals has announced a 577% increase in revenue for the 2022 financial year, as shipments of spodumene concentrate increased by 28%.
The ASX-listed company announced on Tuesday that 361,035 t of spodumene concentrate was shipped in the financial year ended June, compared to 281,440 t shipped in the 2021 financial year, leading to an increase revenue for the period of A$175.1 million. to 1.2 billion Australian dollars.
Earnings before interest, tax, depreciation and amortization (Ebitda) was reported at A$814.5 million, compared to Ebitda of A$21.4 million for the financial year 2021, while statutory net profit after tax reached A$561.8 million, compared to a loss of A$51.4 million in the previous comparable period.
The company told shareholders the profit result was driven by a strong operational performance at the Pilgangoora lithium-tantalum operation in the Pilbara, which delivered gross operating margin of A$853.5 million, compared to A$46. .2 million Australian dollars last year.
“Fiscal 2022 was an incredible year for Pilbara Minerals, with our Pilgangoora operation capitalizing on the growing demand for lithium feedstocks we experienced during the year,” said the Managing Director and CEO. Dale Henderson.
“The restart of the Ngungaju plant during the year, as well as the capacity improvements at the Pilgan plant helped increase production volumes to sell in this high price environment. The combination of strong operational performance and the significant increase in the price of lithium supported a robust inaugural profit result and transformed the company’s balance sheet compared to the previous year.
“The Ngungaju mill is on track to reach its nominal production capacity of approximately 180,000 t/y to 200,000 t/y in the September quarter, increasing our combined annual production capacity across operations. of Pilgangoora from the two factories to about 540,000 t. /year to 580,000 t/year of spodumene concentrate.
Henderson said the fact that Pilbara was able to make strong profits despite significant headwinds from Covid-19, labor and supply shortages in Western Australia’s mining industry and rapid inflation costs, reflected the exceptional efforts of its employees and contractual partners.
“Having recently approved expansion to increase production by a further 100,000 t/y to a combined total of 640,000 t/y to 680,000 t/y, and with the company now progressing towards a final investment decision to increase production at one million tonnes per year, Pilbara Minerals enters 2023 in an exceptionally strong position,” Henderson said.
“The company is in an enviable position, supplying products to a growing market with a clear path for further production growth from a successful operating base. Additionally, the chemical participation with our downstream joint venture with POSCO and our midstream project provides a further extension of value creation for our shareholders. A very exciting future lies ahead for our company and our shareholders.