Plunging lithium prices dragged Pilbara Minerals' profit for the first half of FY24 down 82.3% year over year to $220.2 million from $1.24 billion.

Revenue for the period fell 65.3% to $757.2 million.

Spodumene concentrate production increased by 4% to 320.2kt, and sales rose by 7% to 306.3kt.

Pilbara Minerals is actively investing in the P680 and P1000 expansion projects to boost production capacity and cost efficiency amid challenging market conditions.