Pilbara Minerals (ASX:PLS) slashes FY24 capex by 10%, maintains project momentum amidst reduced spending

Pilbara Minerals will reduce its FY24 capital expenditure by up to 10%, with an estimated spending range of $820 million to $875 million, down from the previous $875 million to $975 million.

Despite the cut, the P680 and P1000 projects will proceed as planned, while all other FY24 guidance remains unchanged.

The company anticipates a lack of dividend payout for the six months ended Dec. 31 2023.

Pilbara Minerals expresses optimism in the long-term prospects of the lithium market, driven by the growth in electric vehicle production and energy storage applications, despite pricing volatility.