- Core Lithium (CXO) has made a final investment decision (FID) to proceed with construction of the Finniss Lithium Project in the Northern Territory
- The decision marks a milestone for both Core and the Northern Territory, as Finniss is the first ever lithium mine in the NT
- With this decision now final, Core will now commence constructing the mine, with mobilisation and site establishments to commence in October
- Core says its the only new Australian company forecast to start lithium production in 2022, which it plans to take advantage of high lithium prices
- Core Lithium shares are up 1.28 per cent at 39.5 cents each
Core Lithium (CXO) has made the final investment decision (FID) to proceed with construction of the Finniss Lithium Project in the Northern Territory.
This marks a milestone for both Core and the Northern Territory, as Finniss is the first ever lithium mine in the NT and the first new significant mine in more than a decade.
With this decision now final, Core will now commence constructing the mine. The company will start with the construction immediately, with mobilisation and site establishments to commence in October.
Commissioning of the Dense Media Separation plant and the first production of lithium concentrate are scheduled for the fourth quarter of 2022.
Finniss has gained all government approvals and is fully funded following the $140 million capital raise.
The FID follows follows the mining service contract to Total Contract Solutions and the process plant contract with Primero.
Core explains it is the only new Australian company forecast to start lithium production in 2022, which it plans to take advantage of high lithium prices.
Non-Executive Chairman Greg English said this was a significant milestone for Core.
“We are delighted to be developing the Territory’s first lithium project, investing in the local economy and creating hundreds of new jobs on a project that will deliver lasting value for all Core stakeholders,” Mr English said.
Northern Territory Minister for Mining and Industry Nicole Manison echoed the company Chairman’s comments.
“Today’s milestone achieved by the Finniss Lithium Project is very good news for the Territory and Territorians,” Ms Manison said.
“The Northern Territory Labor Government is delivering on its promise to make the Territory a world-class hub for resources and critical minerals, which is cementing our position as Australia’s comeback capital.”
Core Lithium shares are up 1.28 per cent at 39.5 cents each at the open of market on Thursday.