DSO sales targeted to commence from April 2018 following progression of further discussions on logistics and sales arrangements with a reliable customer to support an initial DSO program of ~1Mt over 12 months.
• Minor additional capital investment of $4.5M intended for road improvements to support larger truck formats that add value both to the DSO program and ongoing concentrate exports.
• Pilgangoora Stage 1 CAPEX updated to $274M, reflecting proposed EPC contract acceleration costs, scope changes at the Company’s direction (including exclusions and inclusions) and further investment to add value to the final Pilgangoora concentrate quality.
• Pilbara has committed to additional works at Pilgangoora that support the near-term Stage 2 development including additional bulk civil earthworks, engineering and owner’s costs, resulting in an additional $5.5M capital expenditure. This will ensure that Pilbara can move swiftly to capitalise on growing global demand for lithia raw materials.
• Additional capital investment is expected to be funded from existing sources including project contingency, management reserve, previously raised equity capital, along with DSO product sales and product pre-payments.
PLS Price at posting:
94.0¢ Sentiment: Buy Disclosure: Held
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