Search

Pilbara Minerals clear final approval at Pilgangoora

Pilbara Minerals new Lithium mine in the Pilbara now looks unstoppable after the company secured their final environmental approval from WA’s Department of Water and Environmental Regulation known or “DWER”.

DWER has granted Works Approval, which is the final major environmental approval required to complete the construction of Pilbara’s 100% owned Pilgangoora Lithium-Tantalum Project.

All other key environmental and regulatory approvals were secured earlier this year, with the approval of the Mining Proposal in May clearing the way for the start of major site construction works.

Pilbara Minerals have also passed a financial milestone by achieving financial close on the company’s US$100 million senior secured bond, which was launched in June as a key component of the A$228 million project financing.

The company told the ASX this week the bond trustee had confirmed that all conditions precedent required for draw-down of the bond proceeds had now been satisfied, other than the customary requirement to first spend the required project equity proceeds, which was expected to occur in the current quarter.

Pilbara Managing Director and CEO, Ken Brinsden, said it was an exciting time for the company. He said; “With site construction activities at Pilgangoora now in full swing, the project fully permitted for the completion of construction, a portfolio of Tier-1 off-take and strategic partners in place both for Stage 1 and Stage 2 and the stage set for the commencement of mining operations, this is an exciting time for Pilbara Minerals as we close-in on our objective of becoming one of the world’s next significant lithium producers.”

Investors agree, and are climbing on board in droves as Pilbara emerges as one of the frontrunners in Australia’s Lithium boom. The company’s share price has more than doubled since the start of September, including a gain of more than 40% since 28 September when a breakthrough deal was announced with Great Wall Motors.

The giant Chinese car manufacturer has become the first in the global automotive industry to take a direct stake in a Lithium producer. It is believed this could be the first of many similar partnerships as electrical vehicle manufacturers scramble to secure tight supplies of battery raw materials.

Add your comment

BNIQ sponsored byLPC cresa

Share Price

Closing price for the last 90 trading days
Source: Morningstar

BN30 Index

Index = 100 as of 4 Jan 2016
Source: Morningstar

Total Shareholder Return as at 29/06/18

1 year TSR5 year TSR
98thPilbara Minerals128%135%
408thBulletin Resources6%59%
759thGBM Resources-58%-26%
815thEden Innovations-76%43%
819thTasman Resources-78%-2%
722 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

19/04/18
$900k Bought
19/04/18
$900k Other
22/12/17
$0 Issued
Total value as at the date of the transaction
Source: Morningstar

Revenue

94th↑Pilbara Minerals$2.1m
121st↓Tasman Resources$1.0m
123rd↓Eden Innovations$957k
125th↑Bulletin Resources$928k
126th↓GBM Resources$855k
507 listed resources companies ranked by revenue.
Source: Morningstar

Remuneration from Pilbara Minerals

16thKen Brinsden$1.947m
Ranked by total remuneration from all listed WA companies

BNiQ Disclaimer