Pilbara Minerals (ASX:PLS) Announces H1 Financial Results and Strategic Acquisitions
Financial Performance
Pilbara Minerals Limited (ASX:PLS) reported a 43.8% decrease in revenue to $425.7 million for the half-year ended 31 December 2024. The company recorded a net loss of $69.4 million, a 131.5% decline compared to the previous period.
Operational Achievements
The company achieved a 28% increase in production, reaching 408.3 kilotonnes of spodumene concentrate. Sales also rose by 37% to 418.6 kilotonnes. Pilbara Minerals implemented the P850 operating model, leading to cost reductions and enhanced operational efficiency. Additionally, the P680 Project was completed during the half-year, and the P1000 Project construction concluded post half-year with first ore expected in January 2025.
Strategic Investments
Pilbara Minerals completed the acquisition of Latin Resources Limited in February 2025, expanding its asset base. The company also established a new A$1 billion Revolving Credit Facility to bolster its financial position and increase liquidity access.
Sustainability Initiatives
Progress was made on the Pilgangoora Operation Power Strategy, including the first delivery of liquefied natural gas. The company awarded grants to eleven community groups and hosted a site visit for the Curtin University Girls + Engineering Tomorrow program, promoting STEM careers in the mining sector.
Health and Safety
Pilbara Minerals reported seven recordable injuries during the half-year, with no injuries recorded in the December Quarter 2024. The Total Recordable Injury Frequency Rate improved to 3.58, and the Serious Injury Frequency Rate was 2.39, below the industry average.
Motley Fool contributor Matt Burgess has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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