Critical minerals boom a ‘remarkable time in history’
Pilbara Minerals chief executive Dale Henderson says the past 12 months have been exhilarating and, not surprisingly, a little tiring.
The boss of the world’s largest independently owned hard rock lithium company ended the financial year by taking a rare day off. He was angling for a long weekend away from his Perth office with his wife in Western Australia’s wine region.
Indeed, it has been a cork-popping year for stocks linked to critical minerals considered essential in the electrification of the economy, and increasingly, national security. Australian miners are now the world’s biggest producers of raw lithium, and one of the biggest producers of rare earths outside China.
President Joe Biden arrives to speak during a visit to the General Motors Factory ZERO electric vehicle assembly plant. AP
Pilbara Minerals ended 2022-23 with a market capitalisation of $14.48 billion, up from $6.88 billion on June 30, 2022. It reported an interim profit of $1.24 billion, up almost 1000 per cent from the same time last year, and declared an interim dividend of 11¢ less than three years after its shares were trading at not much more than that.
Mr Henderson said it had been an amazing period not just for Pilbara Minerals but the lithium industry in general. Carmakers are looking to shore up long-term supply of the key battery ingredient and the Biden administration is rolling out multibillion-dollar incentives in critical minerals through its Inflation Reduction Act.
“Lithium was this sort of quirky, odd mineral, which was on this outer orbit,” he said. “People knew of it, but it didn’t really receive the limelight. Over the past 18 months, it truly has come front and centre.
“And the critical minerals discussion has become front and
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