Just heard from some mates on-site that Mineral Resources have put their Lithium mine into care and maintenance. Only 12 months ago, they sold a 50% share, for around US$1.2 billion, to a battery giant... now, as blokes came off night shift, they were told to pack their bags. 100's of people lose their jobs.
•MINERAL RESOURCES AND ALBEMARLE CORPORATION COMPLETE WODGINA LITHIUM TRANSACTION
•DECISION TO PLACE MINE ON CARE AND MAINTENANCE DOES NOT IMPACT FY20 MINING SERVICES EBITDA GUIDANCE OF $280 MILLION-$300 MILLION
•MARBL LITHIUM JOINT VENTURE HAS TODAY ALSO MADE DECISION TO PLACE WODGINA LITHIUM PROJECT ON CARE AND MAINTENANCE
•MARBL LITHIUM JV EXPECTS TRANSITION TO CARE AND MAINTENANCE TO TAKE ABOUT FOUR WEEKS
The big Lithium bubble has burst!
Top producer says lithium prices to keep falling
Despite the lofty expectations for demand from electric vehicles, where lithium-ion batteries dominate, prices for the raw material are now languishing at two-year lows.
Free-on board prices of lithium carbonate from South American brine ponds are down 31% over the past year to average $10,375 a tonne in September, according to Benchmark Mineral Intelligence data. At the same time, ex-works prices in China have collapsed from a peak of $24,750 in March last year to below South America export prices.
https://www.mining.com/top-producer-say ... p-falling/
The Lithium slide
Moderator: bbmods
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Skids
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- Location: ANZAC day 2019 with Dad.
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Meanwhile.....
Results for Roy Hill Holdings Pty Ltd (“Roy Hill”) for the Financial Year Ended 30 June 2019
• Profit for the year after tax up 147% year on year to $1,376 million
• Operating Sales Revenue up 34% year on year to $5,156 million
• Production up 7% year on year to 55mtpa design capacity
• Net borrowings down by $1.7B in financial year
• Voluntary prepayments of $1.5B to reduce debt being made subsequent to year end
• Paid $332 million of West Australian State Royalties
Roy Hill’s net profit after tax in FY19 increased by 147% year on year to $1,376 million from $558 million in FY18.
The 2019 financial year marks Roy Hill’s third year of commercial production, where operating sales revenues increased to $5,156 million, up 34% year on year, as sales increased to 53 million tonnes from 55 million tonnes produced (the difference in stockpiles).
Cash flow from operations increased by 56% year on year to $2,793 million, reflecting the higher sales in the year. Gross borrowings reduced by $446 million as Roy Hill continues to pay down its long-term borrowings and improve its leverage metrics. Cash holdings increased by $1,285 million.
Subsequent to the year end, the Roy Hill Board decided that the company will make voluntary prepayments ahead of the Lenders’ schedule as part of prudent capital management. The first of these voluntary prepayments ($887 million) has already been made and the second ($592 million) will be made in January 2020. These payments represent material savings in interest costs.
Other comprehensive income of $1,293 million (FY18: $508 million) reflects the change in the fair value of cash flow hedges held against US Dollar denominated borrowings.
Roy Hill continues to move down the industry cost curve given its increased production and the continuing optimisation of its operations. For the financial year ended 30 June 2019, Roy Hill paid $332 million in royalties to West Australia.
Roy Hill has obtained approvals to expand production to 60mtpa and the Wet High Intensity Magnetic Separator (WHIMS) plant that will deliver incremental production is nearing construction completion and will begin commissioning in early 2020 as planned.
ENDS
Please note: All amounts in A$ (unless otherwise stated)
Results for Roy Hill Holdings Pty Ltd (“Roy Hill”) for the Financial Year Ended 30 June 2019
• Profit for the year after tax up 147% year on year to $1,376 million
• Operating Sales Revenue up 34% year on year to $5,156 million
• Production up 7% year on year to 55mtpa design capacity
• Net borrowings down by $1.7B in financial year
• Voluntary prepayments of $1.5B to reduce debt being made subsequent to year end
• Paid $332 million of West Australian State Royalties
Roy Hill’s net profit after tax in FY19 increased by 147% year on year to $1,376 million from $558 million in FY18.
The 2019 financial year marks Roy Hill’s third year of commercial production, where operating sales revenues increased to $5,156 million, up 34% year on year, as sales increased to 53 million tonnes from 55 million tonnes produced (the difference in stockpiles).
Cash flow from operations increased by 56% year on year to $2,793 million, reflecting the higher sales in the year. Gross borrowings reduced by $446 million as Roy Hill continues to pay down its long-term borrowings and improve its leverage metrics. Cash holdings increased by $1,285 million.
Subsequent to the year end, the Roy Hill Board decided that the company will make voluntary prepayments ahead of the Lenders’ schedule as part of prudent capital management. The first of these voluntary prepayments ($887 million) has already been made and the second ($592 million) will be made in January 2020. These payments represent material savings in interest costs.
Other comprehensive income of $1,293 million (FY18: $508 million) reflects the change in the fair value of cash flow hedges held against US Dollar denominated borrowings.
Roy Hill continues to move down the industry cost curve given its increased production and the continuing optimisation of its operations. For the financial year ended 30 June 2019, Roy Hill paid $332 million in royalties to West Australia.
Roy Hill has obtained approvals to expand production to 60mtpa and the Wet High Intensity Magnetic Separator (WHIMS) plant that will deliver incremental production is nearing construction completion and will begin commissioning in early 2020 as planned.
ENDS
Please note: All amounts in A$ (unless otherwise stated)
Don't count the days, make the days count.
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Skids
- Posts: 9940
- Joined: Tue Sep 11, 2007 11:46 am
- Location: ANZAC day 2019 with Dad.
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Just across the road from Wodgina...
Man charged with murder over death at Pilbara lithium mine
WA police have charged a 30-year-old man from Craigie with murder following an investigation into a death at a pre-start meeting at Pilbara Mineral's Pilgangoora lithium mine.
The man had been assisting police with their investigation since Monday morning. He will appear in the South Hedland Magistrates Court on Wednesday.
The death prompted the miner to enter a trading halt on the ASX just after 10am Monday but trading resumed on Tuesday.
A union representative for the area said the death occurred after a fight broke out at a pre-start meeting.
https://www.smh.com.au/business/compani ... 539jd.html
Must have been some pre-start!
Man charged with murder over death at Pilbara lithium mine
WA police have charged a 30-year-old man from Craigie with murder following an investigation into a death at a pre-start meeting at Pilbara Mineral's Pilgangoora lithium mine.
The man had been assisting police with their investigation since Monday morning. He will appear in the South Hedland Magistrates Court on Wednesday.
The death prompted the miner to enter a trading halt on the ASX just after 10am Monday but trading resumed on Tuesday.
A union representative for the area said the death occurred after a fight broke out at a pre-start meeting.
https://www.smh.com.au/business/compani ... 539jd.html
Must have been some pre-start!
Don't count the days, make the days count.
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watt price tully
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