Pilbara beats its own record with latest lithium auction

THE third online auction of spodumene from Pilbara Minerals’ Pilgangoora lithium mine has culminated in a winning bid of a record US$2350 per tonne.
Pilbara beats its own record with latest lithium auction Pilbara beats its own record with latest lithium auction Pilbara beats its own record with latest lithium auction Pilbara beats its own record with latest lithium auction Pilbara beats its own record with latest lithium auction

The auction was held yesterday afternoon via Pilbara's Battery Material Exchange.

A cargo of 10,000 dry metric tonnes at a target grade of 5.5% lithia was presented for sale on the digital platform, with a deferred delivery date in February 2022.

The company reported strong bidding from a range of buyers, with 25 bids placed during the 45-minute auction window.

The bidder is now required to enter into a sales contract with Pilbara, which requires a 10% deposit to be paid in the coming days and an irrevocable letter of credit from a recognised bank to be presented during the first week of January.

The highest bid equates to a price of $2629/t for 6% spodumene.

Pilbara shares fell 2.7% this morning to A$2.20.