Advanced Australian lithium developer Core Lithium (ASX: CXO) is pleased to announce it has been successful in its application for a $6 million grant under the Federal Government’s Modern Manufacturing Initiative (“Grant”).
HIGHLIGHTS
- Core awarded $6 million Modern Manufacturing Initiative (MMI) Grant by the Australian Federal Government, with support from the Northern Territory Government.
- With co-funding from the MMI Grant, Core will be assessing the potential feasibility of building a lithium hydroxide plant in Darwin.
- Core is on track to commence construction of Australia’s next lithium mine at Finniss near Darwin before the end of this year.
The Australian Federal Government has awarded the Grant in recognition of the future commercial potential for Core to produce battery-grade lithium hydroxide (“LiOH”) near the Finniss Lithium Project (“Finniss Project”).
This is a highly encouraging early step in Core’s path to assessing the longer-term potential of the Finniss Project, through local downstream processing of Finniss lithium concentrate.
Core’s immediate goal is to export spodumene concentrate from the Finniss Project, located 25km from Darwin Port, and is on track to commence construction before the end of this year, with first production by the end of next year (subject to financing).
Core is completing a Scoping Study that examines the potential to capture more of the lithium value chain through downstream processing of this concentrate to produce LiOH. This Scoping Study will be followed up with the undertaking of Feasibility Studies which are being supported by the Grant.
Core notes that these studies are being carried out in parallel with the Company’s primary focus of developing the Finniss Project in line with its production timeframe.
Core Lithium Managing Director Stephen Biggins said:
Core has identified a unique opportunity to assist Australia in capturing an increased portion of the lithium value-chain.
“We’re thrilled to have received this $6 million grant and we thank the Federal Government and the Territory Government for their continued support of Core and our Finniss Project, which is firmly on track to become Australia’s next lithium mine.
“Core believes that it has a key role to play in meeting the future lithium supply gap, which is expected to grow at a rapid rate as the demand for electric vehicles and renewable energy ramps up over the next decade.
“With this grant secured, we look forward to potentially realising the long-term value of developing a lithium hydroxide plant in the Northern Territory.”
