Pilbara Minerals reports 89% net profit decrease to $257m in 2022-2023 due to lithium price collapse, secures $1bn debt facility.

Pilbara Minerals, Australia's largest independent hard-rock lithium producer, reported an 89% decrease in net profit to $257m for the financial year 2022-2023 due to the collapse in lithium prices. Despite the 69% revenue drop to $1.3bn, the company secured a $1bn debt facility for financial flexibility and liquidity. CEO Dale Henderson maintains Pilbara's competitive position by focusing on margins in the volatile lithium market, instead of pricing.

August 26, 2024
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