PILBF - Pilbara Minerals OKs $375M expansion to nearly double lithium production

2023-03-29 11:18:44 ET

Pilbara Minerals ( OTCPK:PILBF ) said Wednesday it took a final investment decision to increase production capacity at its flagship Pilgangoora lithium project in Western Australia.

The Australian lithium miner said it plans to spend A$560M (~US$375M) expanding the plant to nearly double production to 1M tons/year of spodumene concentrate, up from 580K tons currently, by late 2025.

The company said it has begun exploring offtake agreements for the additional lithium, as well as partnerships that would include downstream refining of lithium chemicals.

"This expansion step facilitates a major lift in production capacity, capitalizing on the substantial scale of this tier one hard rock asset which underpins a near-25-year mine life at this new expanded production level," CEO Dale Henderson said.

Pilbara Minerals ( OTCPK:PILBF ) is "the top lithium stock for investors riding the EV wave," Orchid Research writes in an analysis published earlier this year on Seeking Alpha.

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