Pilbara Mineral’s Managing Director – Ken Brinsden, has told the media that they are “Sold Out” of their lithium concentrate (Spodumene), The Perth based Lithium producer and its major chinese clients (General Lithium and Jiangxi Ganfeng) have signed 100% offtake agreements for stage 1 production from the Pilgangoora mine.
Mr Brinsden said despite some cooling in the price of lithium caused by subsidy changes in China, overall customer growth continued to increase. Pilbara Minerals plans to conduct further feasibility studies at Pilgangoora, which has been driven by customer demand for high grade Spodumene, which has steadily held a price of of $US 850 – $US 950 per tonne.
Last month Pilbara Minerals released a definitive feasibility study, which supported investment of a $231 million state 2 expansion at Pilgangoora, increasing mine life to 17 years and production to 850 000 tonnes of spodumene concentrate. Once the expansion is complete, it will position Pilbara Minerals one of the world’s leading producers of high quality Spodumene.
Pilbara Minerals Ltd (ASX:PLS) is currently trading at $0.88