Ann: Results of BMX Auction, page-106

Not sure if this has been posted before from Stock head

• Pilbara Minerals pulls in ANOTHER RECORD in its BMX auction, at a 6% Li2O equivalent US$8575/t
• St Barbara calls on mining legend Dan Lougher to spearhead Gwalia gold revival
• TerraCom surges on dividend announcement as coal prices remain bullish

There are few superlatives left to describe the extraordinary prices Pilbara Minerals (ASXLS) is raking in for its BMX spodumene auctions, with the latest achieving another record.

At a 5.5% Li2O sale price of US$7805/dmt for a 5000t cargo, the benchmark 6% equivalent is a tidy US$8575/t, well above any spot price reported in the market previously.

That’s around $58 million of cargo on one ship, more than double what BHP (ASX:BHP) and Rio (ASX:RIO) would be taking in on a shipment of iron ore right now.

Wowzers. That’s our new superlative for the day.

While it comes in well above the actual average sale price PLS has been getting for its spodumene, the sale sends a strong signal that the market for lithium raw materials remains very tight.

That is despite concerns from some analysts that cutbacks from battery makers in China could send prices lower, which stirred a collapse in lithium stocks on Tuesday.