Pilbara Minerals (ASX: PLS) Boosts Production and Revenue, Projects Continued Growth

Pilbara Minerals (ASX: PLS), Australia’s leading pure-play lithium miner, has forecast increased production for FY2025, targeting between 800 and 840 thousand tons (kt) of spodumene concentrate. This is a significant rise from the 725.3 kt produced in FY2024. The expected increase is attributed to the commencement of two major brownfields projects.

In its June 2024 quarterly report, Pilbara Minerals reported a 58% sequential increase in revenue for the quarter, totaling $305 million. This jump from $192 million in the March quarter was driven by a 43% rise in sales volume and a 4% increase in the average realized price of spodumene concentrate. Sales for the quarter reached 235.8 kt.

The operational highlights included record production volumes, with 226.2 kt of spodumene concentrate produced in the June quarter, a 26% increase from the previous quarter. Additionally, the unit operating cost (FOB) decreased by 12% to $591 per dry metric ton, owing to improved production efficiencies.

Pilbara Minerals is advancing its P680 and P1000 projects, which are crucial for its planned production increases. The P680 project, focused on crushing and ore sorting, is set to ramp up in the September quarter of FY2025. The P1000 project, aimed at increasing production capacity to 1 Mtpa, is on track for commissioning by March 2025.

The company also reported progress on its mid-stream demonstration plant, which aims to produce value-added lithium products with reduced carbon emissions. Construction has begun, and the first production of lithium salt is expected by June 2025.

Pilbara Minerals’ share price rose by 0.87% to $2.915 following the quaterly announcement. 

Key Investor Information

Pilbara Minerals is the owner of the world’s largest independent hard-rock lithium operation. Located in Western Australia’s Pilbara region, the Pilgangoora Operation produces spodumene and tantalite concentrates. The company is well-supported by a consortium of global partners including POSCO, Ganfeng, and General Lithium. This strategic positioning and ongoing expansion projects underline Pilbara Minerals’ significant potential for growth and sustained investor interest.