Australian lithium miner Core Lithium (ASX: CXO) has provided an operations update for its 100%-owned Finniss Lithium Operation, near Darwin in the Northern Territory.
Core’s maiden 3,500-tonne parcel of spodumene concentrate (with a high-quality grade of 5.6% Li2O) has been successfully trucked to Darwin port and is ready for shipping to foundation customer Sichuan Yahua. As detailed in the market announcement on 23 March 2023, Core was to have the shipment ready by the end of April but the company has exceeded this timeline with the 3,500-tonne parcel now ready for shipment.
Full mining operations have resumed at Finniss following the safe dewatering of the Grants pit. Ore is being processed through the crusher and Dense Media Separation (DMS) plant. Production of the second spodumene concentrate shipment is underway – a 15,000-tonne parcel of spodumene concentrate to Yahua.
Both shipments have been sold on an FOB basis and are linked to the Fastmarkets (spodumene 6% CIF China) price. Core will receive 90% payment for the first parcel and 80% of the payment for the second parcel in April. The balance of the purchase price for each parcel will be received following receipt of each respective parcel by Yahua.
Core continues to focus on the safe and steady ramp-up of the Finniss operation.
“Australia’s newest lithium mine has delivered its first cargo of spodumene concentrate to the Darwin Port ready for shipping. The product presents well, with moisture and grade within contractual specifications,” chief executive Gareth Manderson said.
“Production of the first concentrate from the Finniss Lithium Operation ahead of schedule is a significant milestone. I would like to commend the Core Lithium team for the work they have done to safely start operations and produce concentrate during this wet season.
“The pit is now dewatered and full mining operations have recommenced. The mining fleet is back in the pit, the crusher and DMS plant are operational and we have commenced production of the 15,000-tonne parcel of concentrate as a part of the safe and steady ramp-up of production.
“Core’s focus is to now establish the foundations of sustained growth for the company, including the regular delivery of high-quality, reliable volumes of lithium concentrate that is currently in high demand.”
