Australia's Pilbara Minerals' annual profit falls on weaker lithium prices
Adds details on results from paragraph 2 onwards
Aug 26 (Reuters) -Australian lithium minerPilbara Minerals PLS.AX reported an 86% drop in its annual profit, citing a lower average realised sales price for lithium, the key metal for manufacturing electric vehicle batteries.
Lithium prices have tumbled on the back of oversupply from China and a softening of electric vehicle (EV) adoption rates.
The average realised price for lithium raw material spodumene concentrate fell 74% to $1,176 per tonne in fiscal 2024, Pilbara said.
The country's biggest pure-play lithiumminer posted underlying profit after tax of A$318 million ($215.83 million) for the year endedJune 30, compared with A$2.28 billion a year earlier.
The company also said it had received credit approved commitments from a banking group for a new A$1 billion debt facility to refinance its existing project debt and further strengthen its balance sheet.
($1 = 1.4734 Australian dollars)
Reporting by Shivangi Lahiri in Bengaluru; Editing by Sandra Maler and Diane Craft
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