Australia's PLS hits near 2-week high on Fortescue unit deal for Pilgangoora mine

Fortescue

27/10/2026 23:40

** Shares of PLS Group PLS.AX rise as much as 8.3% to A$3.120, their highest level since October 16
** The lithium miner signs a 20-year power purchase agreement with FMG Clean Energy, a unit of Fortescue to support power demand at its Pilgangoora mine under the P2000 expansion plan
** FMG Clean will supply at least 325 gigawatt-hours of electricity annually from 2029
** Says the agreement is expected to reduce Pilgangoora unit operating costs by about A$15-A$20 per ton 
** Plans to invest about A$150 million ($105.42 million)between 2027 and 2029 in transmission connections and power infrastructure upgrades
** Separately, company revises FY27 capex outlook to A$1.13 billion-A$1.20 billion from A$1.11 billion-A$1.18 billion
** YTD, PLS stock down 33%, including the session's moves


     ($1 = 1.4229 Australian dollars)

 (Reporting by Paridhi Minda in Bengaluru)
 ((Paridhi.minda@thomsonreuters.com;))