Miner Pilbara Minerals on Thursday posted a nearly 11-fold jump in half-year net profit, boosted by spodumene production at its Pilgangoora plant, taking advantage of stronger lithium pricing and demand.
Spodumene, which is mostly utilized to produce high-purity lithium for lithium-ion batteries used in electric cars, is seeing continued strong demand globally amid a push for greener alternatives.
The company reported a net profit attributable of A$1.24 billion ($846.4 million) for the six months ended Dec. 31, compared with A$114 million a year earlier.
The miner declared an interim dividend for the first time in 15 years of 11 Australian cents per share since it went public.
Pilbara said it expects costs to be higher for fiscal year 2023, citing investment in mining activities and labour shortages in Western Australia.
($1 = 1.4650 Australian dollars)
(By Navya Mittal; Editing by Sonia Cheema)
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