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Pilbara Minerals shares on watch after site update

Kenneth Hall
Businessman pulling rope trying to lift up falling graph.

The Pilbara Minerals Ltd (ASX: PLS) share price is one to watch this morning after another update on an incident at its mining site.

What did Pilbara Minerals announce this morning?

Pilbara this morning clarified its comments made yesterday about an incident at its Pilgangoora project site. 

Pilbara shares closed 1.54% lower at $0.32 per share yesterday after returning from a trading halt on Monday afternoon.

Pilbara reported a “tragic incident” at its Pilgangoora project site on Monday, which led to a halt in operations. The company reported a death had occurred on Monday as a result of an incident between personnel in the Pilbara region site.

While unrelated to mining operations, Pilbara temporarily suspended operations at the facility pending an investigation. The Western Australia Police Force’s Homicide Squad was investigating the incident.

Pilbara further clarified those comments today saying that the incident involved contractor personnel and not direct employees of Pilbara Minerals.

The Western Australia Police Force has now returned the areas of interest pertaining to the site operations. Pilbara is now recommencing operations with full production rates expected within the next 24 to 48 hours. 

Pilbara said it will continue to support the police in its investigation with no further comment provided.

How have Pilbara shares performed this year?

Pilbara shares have fallen lower this week but are trading flat at $0.32 per share over the last month. That hasn’t been the case in 2019 though, as the Pilbara share price has plummeted 56.16% lower with weaker trading and pricing conditions continuing to bite.

It’s been a similar story for other lithium miners including Orocobre Ltd (ASX: ORE) and Galaxy Resources Limited (ASX: GXY).

The Galaxy share price has halved in 2019 as lithium prices have plummeted around the world. Orocobre shares have declined 13.25% to $2.75 per share in what has been a difficult year for shareholders.

The post Pilbara Minerals shares on watch after site update appeared first on Motley Fool Australia.

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Motley Fool contributor Kenneth Hall has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019