While last week has been full of surprises with lithium sector on a downswing and retail moving up. Amidst this, Pilbara Minerals Ltd (ASX: PLS) ended the week with a charge up of around 7.35% on December 08, 2017 post a 14% plunge in last five days owing to profit booking in the sector.

The gain at the end of week has come owing to addition of the stock in the ASX 200 Index as per the latest S&P DJ Indices announced with the December Quarterly Rebalance. The group had recently signed a non-binding Memorandum of Understanding (MoU) with Polaris Shipping for kicking off preliminary discussions with Polaris Shipping and LG Chem on a potential JV for a downstream lithium chemical conversion facility servicing South Korea’s growing lithium-ion battery industry. Polaris Shipping has also signed a Memorandum of Understanding with the Saemangeum Development and Investment Agency (SDIA) in support of the Lithium Korea chemicals development. During the year, Pilbara also secured a binding off-take agreement and equity subscription with Great Wall Motor Company for Stage 2 expansion of 100%-owned Pilgangoora Lithium-Tantalum Project.

On a similar track and with a rebound in most of the lithium miners, Galaxy Resources (ASX: GXY), which was dumped 11.3% in last five days, surged up 2.97% on December 08, 2017. Orocobre Ltd (ASX: ORE) also moved up 2.9%.

We have a “Hold” position on these lithium miners with PLS trading at the current price of $0.95

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