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Pilbara Minerals nears record price for lithium concentrate cargo in latest auction

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Daniel NewellThe West Australian
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Pilbara Minerals’ Pilgangoora operations.
Camera IconPilbara Minerals’ Pilgangoora operations. Credit: supplied

Pilbara Minerals continues to benefit from booming demand for lithium as battery makers race to secure supplies of the vital battery ingredient.

The lithium miner said its latest spot cargo auction for 5000 dry metric tonnes of spodumene concentrate from its Pilgangoora operations south of Port Hedland had achieved a price of $US6841 a tonne.

“Strong interest continues to be received in both participation and bidding by a broad range of qualified buyers with a total of 41 bids received online during the 30-minute auction window,” the company said.

The price secured on the company’s digital battery material exchange platform on Wednesday afternoon was slightly lower than the record price of $US7017 reach in the previous auction late last month.

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Pilbara shares have been struggling to regain lost ground after a lithium stock rout wiped billions from the market capitalisation of some of WA’s biggest players in early June.

The brutal sell-off was sparked by a report from analysts at investment bank Credit Suisse which said battery metals prices would peak in the next few months as a supply deficit eased, adding to Goldman Sachs’ recent warning that the bull market was “over for now”.

While the news prompted a shake-out of spooked investors, industry players argued the long-term fundamentals of the lithium market remain intact.

Pilbara shares were up 2.3 per cent at 11.20am to $2.415 — still off the May 30 close of $2.98 just before the rout.

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