KCGM — from unloved asset to Northern Star’s crown jewel
A former non-core asset of majors Barrick and Newmont, KCGM, also known as the Super Pit, is set to become Australia’s largest gold operation under the ownership of Northern Star Resources.
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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