Core Lithium Ltd has reached a final investment decision (FID) to commence development of the Company’s wholly owned Finniss Lithium Project, located near Darwin in the Northern Territory.
Core is committed to delivering one of the most capital efficient and cost competitive lithium projects in Australia. The 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.
Core has commenced project execution immediately with mobilisation underway. A range of site establishment works will commence during October in preparation for the commencement of mining followed by Dense Media Separation (DMS) process plant construction commencing in March 2022.
Commissioning of the DMS plant and the first production of lithium concentrate are scheduled for the end of 2022.
The construction-ready Finniss Project lies within 25 kilometres 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 four-year offtake agreement with Core and agreed to provide A$34 million in new equity, subject to Chinese Government approvals.
The 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. 250 jobs will be created during construction and operations.