Lithium miner PLS plans to invest US$1.3 billion to expand lithium mine production.

Lithium miner PLS Ltd plans to invest about A$1.9 billion to nearly double capacity at its flagship Pilgangoora mine in Western Australia, even as prices of the battery metal are in a downturn. The company said in a statement on Friday that it has made a final investment decision on the P2000 project at its wholly owned mine in the Pilbara region. PLS said the project will boost annual spodumene production to about 2 million tons once operational, with first output expected in the third quarter of 2029. Lithium prices have been highly volatile in recent years, with the market struggling to balance rapidly growing supply against uncertain demand prospects for electric vehicles and energy storage batteries. PLS Chief Executive Officer Dale Henderson said he is not worried about the recent price decline, describing this "pullback cycle as relatively short." In an interview, he said the new capacity from the expansion will not reach the market for another two and a half years, by which time conditions will have changed again. "We will rank among the world's largest lithium producers," he said. "We are pushing ahead with the project at full speed. This expansion is a major capacity leap, and in a cyclical market, that kind of scale and cost advantage is crucial."