IGO to record impairment against nickel assets in strategy shift
IGO has been undertaking a strategic review in an attempt to revaluate its resources.
Pilbara Minerals (ASX: PLS) has reported the results of its first lithium spodumene concentrate auction held via its Battery Material Exchange, demonstrating strong demand for spot spodumene concentrates, judging by the premium pricing it attracted.
The product shipping via Port Headland, Western Australia, fetched up to $1,250 per tonne free on board for first concentrates leaving port.
The higher price for new material indicates strong demand for spot spodumene concentrates
Platts reports the auction ‘spot’ price for the first 10,000-tonne cargo is well more than the $850 per tonne for 5% minimum content of lithium dioxide CIF being quoted in China, meaning the product attracted a 45% premium.
According to a Platts research note, the higher price for new material indicates strong demand for spot spodumene concentrates.
Pilbara Minerals reports a total of 62 online bids with prices ranging from $700 to $1,250 per tonne.
Pilbara is the largest ASX-listed pure-play lithium company, owning 100% of the world’s largest, independent hard-rock lithium operation at Pilgangoora, Western Australia.
The share price has rallied to a new record high every week for the past five weeks, mainly reflecting lithium prices steadily climbing higher amid super cycle-like fundamentals for the battery-making ingredient. On Tuesday, shares rallied 8.57% to a record high of A$2.28 in Sydney.
At A$2.45 a share, the stock last traded up 19% in the past week and 583% over the past 12 months. The company has a market capitalization of A$7.11 billion ($5.25 billion).
