Key points
- Production volume increased 28% to 408.3kt of spodumene concentrate
- Revenue declined 44% to $425.7M due to 58% drop in average realised price
- Unit operating costs (FOB) decreased 11% to $614/t
Full summary
During the half year, Pilbara Minerals continued to focus on optimising operational performance to lower costs while also delivering on its major production expansion projects. The company completed the acquisition of Latin Resources and its flagship Colina Project. Pilbara Minerals reported a 28% increase in production volume to 408.3kt of spodumene concentrate, enabled by the commissioning and ramp-up of the P680 Project. However, revenue declined 44% to $425.7M, reflecting a 58% decline in the average realised price, partially offset by a 37% increase in sales volume. Unit operating costs (FOB) decreased 11% to $614/t, reflecting improved cost efficiency and higher production volume. The company reported a net loss after tax of $69.4M, compared to a net profit of $220.2M in the prior corresponding period. Pilbara Minerals generated positive cash margin from operations of $41.2M and had a strong cash balance of $1,171.0M at the end of the period. The company also completed a new $1B debt facility to further strengthen its balance sheet.