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Why lithium miner Pilbara Minerals was in a trading halt

James Mickleboro
lithium shares

The Pilbara Minerals Ltd (ASX: PLS) share price will be on watch on Tuesday when it returns from its trading halt.

The lithium miner’s shares lost around 3% of their value on Monday before being halted at the company’s request.

Pilbara Minerals requested the trading halt pending an announcement concerning a tragic incident on site which was requiring investigation.

What happened?

Late on Monday the company released an announcement to explain what happened at its operation.

The company advised that a death occurred earlier on Monday as a result of an incident which occurred between personnel at its Pilgangoora Lithium-Tantalum Project in the Pilbara region.

This incident was unrelated to mining operations. As a result, the Western Australian Police Force’s Homicide Squad has been deployed to investigate. The company advised that it is cooperating with the investigation and cannot provide any further details.

However, it has advised that operations at the Pilgangoora Lithium-Tantalum Project have been temporarily suspended to facilitate the investigation.

According to the ABC, acting assistant commissioner of Western Australian Police, Greg Knott, said “The man’s death is being treated as suspicious.” As a result, a 30-year-old man is currently in custody and assisting the police with their investigation.

Pilbara Mineral’s managing director, Ken Brinsden said: “I am extremely shocked and saddened by what has occurred today. At this difficult time our focus is on ensuring that our people are cared for and supported, while we continue to support the police investigation that is currently underway.”

“On behalf of Pilbara Minerals, I would like to express our sincere condolences to the affected people and their families,” the company’s managing director added.

Pilbara Minerals’ shares are expected to return to trade this morning.

The post Why lithium miner Pilbara Minerals was in a trading halt appeared first on Motley Fool Australia.

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Motley Fool contributor James Mickleboro 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