Pilbara Minerals Approves Pilgangoora Stage 2 Expansion

Pilbara Minerals has officially approved the Stage 2 expansion of its Pilgangoora lithium-tantalum project in the Pilbara region of Western Australia.

Pilbara Minerals (ASX:PLS) has given the go ahead to the Stage 2 expansion of its Pilgangoora lithium-tantalum project in the Pilbara region of Western Australia.

Once necessary approvals are received and project funding is accounted for, major site works will begin at the project. The expansion will see a 3-million-tonne-per-year (mtpa) processing circuit added to Pilgangoora, pushing its total capacity to 5 mtpa.

Additionally, other engineering redesigns will push production capacity beyond 800 kilo-tonnes per annum (ktpa) of 6-percent spodumene concentrate over the mine’s 17-year lifespan. As Pilbara had already placed some long-lead orders for major equipment, the company expects to commission Stage 2 during the December quarter of 2019.

“Against a backdrop of significant demand growth for lithium raw materials over the coming decade, the quality and scale of the resource at our Pilgangoora project demands further expansion,” Pilbara managing director Ken Brinsden said in a statement.

“This will ensure it becomes a mainstay in the next generation of large-scale, low-cost mines to support the significant growth in downstream lithium hydroxide capacity.”

The company has already secured 100 percent of Stage 2’s offtake through agreements with companies like POSCO (NYSE:PKX), Ganfeng Lithium (SZSE:002460) and Great Wall Motor Company (HKG:2333). The Stage 2 expansion will be partly funded by these offtake agreements, along with “alternate finance structures” that the company is exploring.

In the meantime, production ramp-up from Pilgangoora’s Stage 1 is still continuing and going as planned, according to Pilbara. The company just sent out its first spodumene concentrate shipment from the project in early October, which consisted of 8,800 wet metric tonnes (wmt) of coarse and fines concentrate and was en route to the company’s offtake partners in North Asia.

Despite the positive news, Pilbara Minerals shares were down 3.51 percent at the end of trading on the ASX on Tuesday (November 13) closing at AU$0.825 a piece.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.

Rio Tinto reaches agreement with Turquoise Hill Resources on financing plan for Oyu Tolgoi

Rio Tinto has entered into a binding Heads of Agreement (HoA) with Turquoise Hill Resources (TRQ) for an updated funding plan (the “Funding Plan”) for the completion of the Oyu Tolgoi (OT) Underground Project in Mongolia. The Funding Plan addresses the estimated remaining known funding requirement of approximately $2.3 billion 1 , building on and replacing the arrangements established in the Memorandum of Understanding that Rio Tinto and TRQ previously entered into on 9 September, 2020.

Under the HoA, subject to securing approval by OT LLC and any required support from the Government of Mongolia, and subject to timing, availability, and terms and conditions being acceptable to both parties, Rio Tinto and TRQ will:

Keep reading... Show less

Rio Tinto Exploration and Calibre Mining Initiate 2021 Exploration Program Including 5,500 Metre Drilling Campaign Prioritizing Prospective Near-Surface Copper and Copper-Gold Mineralization

Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the “Company” or “Calibre”) is pleased to provide an update on the Borosi exploration project held under an earn-in option agreement between Rio Tinto Exploration (LSE:RIO) (“RTX”) (“Rio Tinto”) and Calibre. Calibre controls a 100% interest in the Borosi concessions located in the prolific Mining Triangle region of northeastern Nicaragua. RTX has the right to earn a 75% interest by spending US$45 million over eleven years in the project ( see Calibre news release dated February 24, 2020 ). The Borosi exploration program is being directed by RTX through a partnership agreement with Calibre as project operator.

Highlights

Keep reading... Show less

FDA Approves Trodelvy®, the First Treatment for Metastatic Triple-Negative Breast Cancer Shown to Improve Progression-Free Survival and Overall Survival

Trodelvy Significantly Reduced the Risk of Death by 49% Compared with Single-Agent Chemotherapy in the Phase 3 ASCENT Study –

– Trodelvy is Under Regulatory Review in the EU and in the United Kingdom, Canada, Switzerland and Australia as Part of Project Orbis

Keep reading... Show less

Rio Tinto details $47 billion 2020 economic contribution, including $8.4 billion of taxes and royalties

Rio Tinto today released its 2020 Taxes paid: Our economic contribution report , which shows the company made a total direct economic contribution of $47 billion in the countries and communities where it operates, including $8.4 billion of taxes and royalties.

Despite the widespread challenges of COVID-19 in 2020, the contribution was up from the previous year, when Rio Tinto made a total direct economic contribution of $45.1 billion in the countries and communities where it operates, including $7.6 billion of taxes and royalties.

Keep reading... Show less

Top News

Related News