The Board of Australia’s next lithium producer Core Lithium Ltd (ASX: CXO) is pleased to announce a Final Investment Decision (‘FID’) to commence development of the Company’s wholly owned Finniss Lithium Project (‘Finniss’ or ‘Project’), located near Darwin in the Northern Territory.
HIGHLIGHTS
- The Board of Core has made the Final Investment Decision (FID) to proceed with construction of the Finniss Lithium Project in the Northern Territory.
- Finniss’ development is fully funded.
- Project execution to start immediately, with mobilisation and site establishment activities to commence during October 2021.
- Commissioning of the DMS plant and first production of lithium concentrate scheduled for Q4 2022.
- 250 jobs to be created during construction and operations.
- Core uniquely placed on the ASX – as the only new Australian company forecast to start lithium production in 2022 – to take advantage of high lithium prices.
Core is committed to delivering one of the most capital efficient and cost competitive lithium projects in Australia. FID marks a milestone for both Core and the Northern Territory – Finniss is the first ever lithium mine in the Northern Territory and the first new significant mine in more than a decade.
FID follows award over the past week of the Finniss mining services contract to Lucas Total Contract Solutions and the process plant EPC contract to Primero Group.
Core has commenced project execution immediately with mobilisation underway. A range of site establishment works will commence during October. Lucas will support site establishment activities in the coming weeks in preparation for the commencement of mining followed by Dense Media Separation (DMS) process plant construction by Primero commencing in March 2022.
Commissioning of the DMS plant and the first production of lithium concentrate are scheduled for Q4 2022.
The construction-ready Finniss Project lies within 25 km of port, power station, gas, rail and one hour by sealed road to workforce accommodated in Darwin and, importantly, to Darwin Port – Australia’s nearest port to Asia.
The Project has gained all NT government approvals and is fully funded following the successful raising of $116 million from institutional investors and shareholders. In addition, Ganfeng has signed a 4-year offtake agreement with Core and agreed to provide A$34 million in new equity, subject to Chinese Government approvals.
