Lithium Price Slide Leads to Pilbara Profit Declining 89 Percent

Lithium giant Pilbara Minerals reported an 89 percent profit decline on Aug. 26 amid falling commodity prices. Lithium is an essential component of electric vehicle (EV) batteries. Pilbara reported a statutory net profit after tax of $257 million (US$174 million) for the 2024 financial year, down 89 percent in 2023 (pdf). It owns the world’s largest hard rock lithium project, the Pilgangoora Operation, near Port Headland in Western Australia. The 74 percent decline in the price Pilbara received for spodumene concentrate, which contains lithium, drove this profit fall. Results Snapshot Pilbara achieved an average realised price for spodumene concentrate (containing lithium) of US$1,176 per dry metric tonne, down from US$4,447 in 2023....