Day traders' after-market lounge September 15, page-21

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    Monsters of Rock: Pilbara Minerals profits off lithium’s Hunger Games to lead the big miners

    Is the lithium supply squeeze already here?

    Pilbara Minerals (ASXLS)went to an all time high and other lithium stocks caught some of the tailwindsoff the back of its second Battery Material Exchange auction yesterday.

    The company sold an 8000t batch of 5.5% spodumene concentrate – not even what battery makers would call the good stuff – for US$2240/t, the equivalent of selling benchmark 6% product at US$2500/t.

    That’s a cool US$17.92 million haul (or $24.46 million Australian).

    It’s around six times what Pilbara was being paid for spod from the Pilgangoora mine a year ago, and blew S&P Global Platts’ September 10 reference price of US$1400/t out of the water.

    MD Ken Brinsden made a big deal about price discovery at his Diggers and Dealers presentation last month, having sold its last batch on the online platform at US$1250/t.

    The company is now promising to release more product to the market via the platform … because why wouldn’t you?

    Pilbara shares rose almost 9% to a record $2.47 as of 3.10AEST today to lead the ASX’s large cap mining stocks.

    Last edited by Ben2010: 15/09/21
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