Pilbara Minerals has dipped into the red after reporting a $69 million loss for the half-year, as diminished prices for the key battery material continue to weigh on its earnings.
The Pilgangoora operator predominately pinned its half-year statutory net loss after tax on $24 million construction cost of its mid-stream plant and a loss booked from its South Korean lithium hydroxide joint venture asset.
Earnings before interest, tax, depreciation and amortisation slid down to $48 million for the period from the $424 million positive result in the prior corresponding period.
Revenue fell 44 per cent to $426 million, which Pilbara linked to the average estimated realised price for lithium of US$688/t it achieved for the period, halved from the price it was fetching in the first half of 2024, partially offset by an uptick its sales volumes.
The half-year loss factored in Pilbara’s share of net loss after tax of $22 million for the POSCO joint venture, related to the carrying value of its 18 per cent share in the asset partnership.
Pilbara’s cash pile fell to $1.2 billion for the half-year, down from $2.1 in the pcp, due to planned capital expenditure as it pushes ahead on its expansion projects.
Production swelled 28 per cent during the half to 408,300 tonnes, alongside sales volumes growing to 418,600t for the period.
During the half Pilbara, which recently rebranded to its ASX ticker PLS, shifted to a P850 operating model and mothballed its Ngungahu processing plant.
Pilbara also achieved several milestones during the half, polishing off its P680 crushing and sorting facility and earlier this year completed construction on its P1000 project, now in the ramp up phase.
Cyclone Zealia disrupted work for six days at the Pilbara operation, with the operation largely dodging the path of the category five cyclone.
More to come…