Australian lithium miner Core Lithium (ASX: CXO) announced that its second shipment of spodumene concentrate from the Finniss Lithium Operation will commence loading at Darwin Port today.
- The second spodumene concentrate parcel has been delivered to Darwin Port, and ship loading will commence today
- The shipment of approximately 13,100 tonnes will complete the sales agreements with Sichuan Yahua for 18,500 tonnes of spodumene concentrate
Upon completion of loading, expected by 12 July, the ship, Silver Lady, will sail to Zhangjiagang in China.
The shipment of approximately 13,100 tonnes of spodumene concentrate is the balance of the 18,500 tonnes of commissioning and first production tonnes sold to Sichuan Yahua (Yahua) under ‘additional sales agreements’ announced in March 2023.
In accordance with the terms of the agreements, Core received 90% payment for the first parcel of approximately 3,500 tonnes, and an 80% prepayment for the 15,000 tonne parcel in April. The final payment for the 3,500t cargo has been settled, and balance of the purchase price for the current cargo will be settled soon after shipment. Both shipments were sold on an FOB basis and are linked to the Fastmarkets (spodumene 6% CIF China) price.
These shipments were sold in addition to the existing offtake agreement with Yahua for the sale of 300,000 tonnes of spodumene concentrate.
Core Lithium CEO Gareth Manderson said:
“Core’s second concentrate shipment was produced and delivered to the Darwin Port on-schedule, marking an important milestone for Core and Finniss and will complete the additional sales agreements with our foundation customer Sichuan Yahua.
“As we ramp up to steady-state operations at Finniss, our focus now is on the reliable production and delivery of spodumene concentrate to our long-term offtake partners.”