PLS 2.13% $3.83 pilbara minerals limited

Today's PLS AGM

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    I attended today's PLS AGM and noted the following:
    PLS is still waiting for the Permit, it could occur any time - December or even January. It's in the State Government's hand and so the company must wait.
    The company would like to raise further moneys through debt, and leave the current share level at around 900m, this includes all options exercised.
    There are no Aboriginal Native Title land claims against PLS.
    A lot of overseas companies have shown interests in PLS's Lithium deposits - these include companies in France, Germany, China and America.
    On obtaining the money to start (at some point in the future) the Pilgangoora deposits (of which shareholders will be given a full update at the end of January 2016). From the PLS executives attending, the amount mentioned at around $100m - $130m to start this project can be raised in the present investment climate. This demonstrates a strong anticipated demand for Lithium in the next few years 2016 - 2018 by major around the world multi-billion dollar chemical companies.
    The cost of mining spodumene at Pilgangoora is low (compared to other spodumene mines). It is basically digging it up (at present up to a depth 210m) crushing it and shipping it.
    On further processing of spodumene at Pt Hedland and value adding . This has been investigated to some degree by PLS - Pt Hedland has already various industrial sites that could in the future be used by PLS to value add. This would add over ten times the amount received from unprocessed Lithium in spodumene form

    The issue of a takeover by a party was raised, the PLS executives responded by saying anything is possible, and that should such an occurrence happen, it will be PLS's Retail shareholders who would determine its outcome, as PLS's present register is so open.

    On PLS's competitors in South America - Chile/ Bolivia and Argentina. At present there are major political hurdles inhibiting international miners from mining/developing and exporting Solar Lithium deposits and/or Spodumene Lithium deposits from there.

    In other words PLS if decides to go ahead with Pilgangoora will be on the market quicker than them.

    In summary the executives at the AGM are very optimistic about PLS's prospects over the next three years (2016 - 2018).

    I hope my account of events helps those who couldn't be there.
 
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