By Rhiannon Hoyle
Pilbara Minerals on Monday said it expects to record a net loss for the first half of its fiscal year despite record production and cost reductions, amid an ongoing downturn in lithium prices.
The company, which produces lithium-rich spodumene concentrate in Australia, said it expects to have made a net loss of between 68 million Australian dollars (US$43 million) and A$71 million in the six months through December. It made a net profit of A$220.2 million a year ago.
The miner said its first-half bottom line will be weighed by several items, including a write-down to a call option to increase its stake in the PPLS joint venture from 18% to 30%. Pilbara Minerals said it expects an underlying loss of between A$5 million and A$7 million.
Pilbara Minerals reported record first-half production and sales volumes from its Pilgangoora operation in Australia.
The company has been investing in expansion projects to increase its production capacity. Construction of its P1000 Project was recently completed and first ore was achieved on Jan. 31, the company said.
Despite soft lithium prices, the PPLS joint venture continues to ramp up its hydroxide facility on schedule, Pilbara Minerals said.
The company said it is also in talks with Calix to resume construction of the Demonstration Plant Project after being awarded A$15 million in grant funding from Western Australia's state government.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
February 09, 2025 17:03 ET (22:03 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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