Pilbara Mining Company Announces the latest Progress of Pilgangoora Lithium Project

SMM4, January 1: (Pilbara Mineral), a Pilbara mining company, today announced the latest progress of its lithium project in Pilgangoora, Western Australia. The report showed that 33998 pounds of tantalite were sold this quarter and 33893 dry metric tons of spodumene concentrate were shipped.

After deducting production costs, operating costs, interest expenses and capital expenses, the company's cash and cash equivalents totaled A $108.2 million for the quarter, compared with A $105.5 million in the fourth quarter of 2019. In addition, all irrevocable letters of credit have been received this quarter

The company's managing director and CEO Ken Brinsden said that although demand was relatively weak before and after the outbreak, the financial and operational performance of the Pilgangoora lithium project was stable this quarter, indicating that the company's modest production strategy, (moderated production strategy), was very effective.

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