The Pilbara Minerals Ltd (ASX: PLS) share price is down 1.2% to 67 cents today after the lithium miner handed in its financial results for the quarter ending December 31 2018. Below is a summary of the quarterly results with relevant comparisons to the prior corresponding period.
- Sales of $239,000, total of $16.6 million for 6 months to December 31 2018
- Quarterly operating cash loss of $14.9 million
- Total production of 47,859 dry metric tonnes of lithium spodumene concentrate, +6%
- Quarterly sales of 46,682 tonnes of dry lithium spodumene concentrate
- Proceeds of $48 million
- Cash on hand of $70.2 million
Pilbara Minerals' flagship project is the Pilgangoora Lithium-Tantalum Project, with the company investing heavily in ramping up production across the project as it believes demand for lithium is set to rise due to well-known factors such as increased demand for lithium-battery powered electric vehicles.
The company claims it is a low cost producer, with long life mines that produce a high-quality grade of lithium concentrate as such it could be worth a look for lithium bulls.
