Lithium producer Pilbara Minerals reported a 42 per cent drop in revenue after dips in price and production last quarter.
West Australian producer Pilbara Minerals has shelved plans to pay a special dividend or buy back its own shares after aThe shares fell almost 4 per cent to $3.73. It reported a 42 per cent fall in revenue in the three months to September 30.Pilbara Minerals has become the most shorted stock on the ASX as investors take a bearish view on lithium, at odds with the optimism of billionaires like Gina Rinehart and the major global players vying for WA projects.
Operating costs jumped 19 per cent to $747 a tonne as the company pushed ahead with a major expansion at Pilgangoora.The company received an average price of $US4447 a tonne for spodumene concentrate over 2022-23 when it posted a net profit of $2.4 billion andMr Henderson said demand for spodumene remained strong and that Pilbara Minerals had no trouble moving product.
“Procurement activity has been conservative as customers have kept a wait-and-see approach, putting renewed downward pressure on lithium prices,” Allkem said as it reported record production from its Mt Cattlin mine in WA.
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