Core Lithium to deliver Northern Territory’s first lithium mine after FID

ASX-listed Core Lithium will start building its Finniss Project in Australia’s Northern Territory in the coming weeks after making a final investment decision (FID) on the hard rock lithium project.

The decision puts Core on course to become Australia’s next producer of the key battery metal, with commissioning of the DMS plant and delivery of first lithium concentrate slated for the fourth quarter of 2022.

Mobilisation and site activities will begin at the Northern Territory’s first lithium mine during October, with 250 jobs to be created during construction and operations. “This is a significant milestone, not just for Core, but also for the Northern Territory,” said Core’s non-executive chairman Greg English.

Meanwhile, managing director Stephen Biggins said: “FID places Core firmly at the front of the line of new global lithium production just at the right time as lithium demand and prices are increasing rapidly.

“The project and FID are underpinned by high-grade lithium deposits that have the potential to support long-term lithium supply from Northern Australia, quality lithium offtake partners and a highly engaged and supportive NT Government.”

After raising more than US$180 million from institutional investors, Core is fully funded for the project. Meanwhile, China’s Gangfeng Lithium has signed a four-year offtake agreement with Core and agreed to provide $24.5 million in new equity.

@RGNonline