22pc up­grade leads to rise in PLS shares

Pilbara News - - News - Stu­art McKin­non

Shares in Pil­bara Min­er­als were higher af­ter the com­pany an­nounced a 22 per cent up­grade of its lithium re­source at its Pil­gan­goora lithium project.

The com­pany, which is on track to be­come WA’s next lithium pro­ducer, said its mea­sured, in­di­cated and in­ferred re­source had in­creased to 156.3 mil­lion tonnes grad­ing 1.25 per cent lithium ox­ide and 128 parts per mil­lion tan­ta­lum ox­ide and 0.61 per cent iron ox­ide, con­tain­ing 1.95 mil­lion tonnes of lithium ox­ide and 44.2 mil­lion tonnes of tan­ta­lum ox­ide.

PLS said the up­grade, which in­cludes re­sults from the lat­est round of drilling, re­in­forced Pil­gan­goora’s po­si­tion as one of the world’s pre­mier lithium de­vel­op­ment projects.

It said the new re­source es­ti­mate pro­vided fur­ther ev­i­dence that Pil­gan­goora had the grade, scale and qual­ity to un­der­pin a low-cost, long-life min­ing cen­tre for decades to come.

Man­ag­ing di­rec­tor and chief ex­ec­u­tive Ken Brins­den said the Pil­bara Min­er­als ex­plo­ration team had de­liv­ered a se­ries of re­source up­grades since Pil­gan­goora was ac­quired in 2014, es­tab­lish­ing what was now with­out ques­tion one of the big­gest hard rock lithium-tan­ta­lum re­sources in the world.

“To­gether with the re­cently com­pleted ac­qui­si­tion of the Ly­nas Find lithium re­source, which rep­re­sents a strate­gic and high-grade ad­di­tion to our re­source in­ven­tory, the global re­source in­ven­tory has now in­creased to over 156 mil­lion tonnes — a fan­tas­tic mile­stone and one with which our ex­plo­ration team should be very proud,” he said.

“With early works con­struc­tion ac­tiv­i­ties al­ready un­der way and ma­jor con­tracts awarded, cur­rently ten­der­ing, or soon to ten­dered, our fo­cus is now very much on the de­liv­ery of this out­stand­ing project, which will put Pil­bara on course to be­come a glob­ally sig­nif­i­cant new strate­gic met­als pro­ducer this year.”

PLS said Pil­gan­goora re­mained on track for com­mis­sion­ing by the end of 2017.

The com­pany en­vis­ages a 2mtpa op­er­a­tion at Pil­gan­goora with a pos­si­ble ex­pan­sion to 4mtpa.

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