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Pilbara Minerals poised to begin major construction at Pilgangoora

Soon to be Australian lithium producer Pilbara Minerals have received the first of two key environmental approvals for their 100%-owned Pilgangoora Lithium project near Port Hedland.

The company announced this week they had been granted a permit to clear native vegetation to develop the mine and processing facilities at Pilgangoora. Limited work is already underway for construction of a site office and accommodation camp.

In a statement to the ASX, Pilbara reporting that it is also making strong progress with a mining proposal submitted to the WA Department of Mines and Petroleum, which is the other key environmental approval needed to begin major site works.

According to the company, it is well advanced with its submission and response to queries from the Department of Mines and Petroleum.

Pilbara Minerals Managing Director, Ken Brinsden said approval of the mining proposal was expected in the near term and would clear the way for the start of full-scale construction activities.

He said “In an industry where the development of major new resource projects is often measured in decades rather than years, Pilbara has achieved an enormous amount in a very short period of time.

“In the space of 12 months, we have advanced and de-risked the project through resource drill-out, feasibility and now with environmental approvals nearing completion. This impressive performance is a credit to the Pilbara team and we look forward to delivering our first product in the early part of next year.”

Pilgangoora has been one of the outstanding success stories in the WA mining scene since its acquisition by Pilbara Minerals in July 2014.

Another resource upgrade is expected in the June quarter, the latest in a series that has seen Pilgangoora grow into a low-cost, world-class project with capacity to feed rapidly rising world demand for lithium for decades.

The new resource figures will feed into a stage 2 definitive feasibility study on a proposed doubling of processing capacity to 4m tonnes per annum.

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BN30 Index

Index = 100 as of 4 Jan 2016
Source: Morningstar

Total Shareholder Return as at 28/09/18

1 year TSR5 year TSR
181stPilbara Minerals42%130%
653rdS2 Resources-38%0%
739 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

62nd↑India Resources$11.4m
63rd↑Pilbara Minerals$11.3m
65th↓ATC Alloys$8.8m
66th↑S2 Resources$8.0m
510 listed resources companies ranked by revenue.
Source: Morningstar

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