Pilbara seeking Pilgangoora partner
Pilbara Minerals is advancing a plan to sell a stake in its Pilgangoora project, which it is has just declared commercial
29th March 2019
Pilbara Minerals is advancing a plan to sell a stake in its Pilgangoora project, which it is has just declared commercial, just two days after it advanced plans for a third stage expansion (reports MiningNews).
The company says it is open to divesting between 20-49% in the Pilgangoora lithium-tantalum mine as part of a partnering process that will also look for offtake deals for the stage three expansion so it can vertically integrate the mine with downstream chemical facilities, but managing director Ken Brinsden said any partner needed to add value.
A decision will be made mid-year, but the potential changes mean it has delayed commissioning of the stage two project will be delayed by six months, until the September quarter of 2020, with stage three commissioning to follow by mid-2021.
The company said recent transactions in the lithium raw materials industry highlighted the value of interconnecting mine ownership, product offtake and downstream facilities.
With interest from third parties, including lithium processers, battery manufacturers, trading companies, mining companies and automakers in owning an interest, it will test the market.
Potential buyers could become partners in a large, world-class operating lithium mine, and Pilbara's planned 30,000-60,000tpa lithium hydroxide project, which could be located in Australia.
Any deal would exclude the existing downstream POSCO JV for a potential 40,000tpa lithium hydroxide facility in South Korea.
The company needs an estimated A$457 million to fund both stages two and three, which would grow the project from two million tonnes to 7.5Mtpa, and it hopes to chase an optimised funding package for the combined works.
The company this week completed a $50 million equity placement with key offtaker Ganfeng to support preliminary works for the stage two expansion in return for a doubling of offtake rights from stage two to 150,000tpa.
https://resourcesrisingstars.com.au/news-article/pilbara-seeking-pilgangoora-partner
Pilbara seeking Pilgangoora partnerPilbara Minerals is advancing...
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