Australian lithium miner Pilbara Minerals reported an 86% drop in its annual profit, citing a lower average realized sales price for lithium, the key metal for manufacturing electric vehicle batteries.
Lithium prices have tumbled on the back of oversupply from China and a softening of electric vehicle (EV) adoption rates.
The average realized price for lithium raw material spodumene concentrate fell 74% to $1,176 per tonne in fiscal 2024, Pilbara said.
The country’s biggest pure-play lithium miner posted underlying profit after tax of A$318 million ($215.83 million) for the year ended June 30, compared with A$2.28 billion a year earlier.
The company also said it had received credit approved commitments from a banking group for a new A$1 billion debt facility to refinance its existing project debt and further strengthen its balance sheet.
($1 = 1.4734 Australian dollars)
(By Shivangi Lahiri; Editing by Sandra Maler and Diane Craft)
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