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Australia’s largest independent lithium miner Pilbara Minerals said on Wednesday it had approved a capital investment to increase production capacity at its flagship Pilgangoora lithium project in Western Australia.
The investment in the Pilgan plant will help increase spodumene concentrate production by 47% to 1 million dry metric tonnes per annum.
Pilbara expects full production and ramp-up at the project by the end of the September quarter of 2025 with an estimated capital expenditure of A$560 million ($375.59 million).
“This further increase in production capacity will cement Pilbara Minerals’ position as a globally significant supplier of lithium materials products delivering into this rapidly growing market,” said Dale Henderson, managing director and CEO at Pilbara.
Shares of the miner company 2% to A$3.93 in early trade.
The Western Australian miner had last year secured A$250 million long-term financing from Australia to support expansion at the Pilgangoora project, which sits on one of the world’s largest lithium ore deposits, according to the company’s website.
($1 = 1.4910 Australian dollars)
(By Navya Mittal; Editing by Uttaresh Venkateshwaran)
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