Core Lithium pays $2m to terminate last Finniss offtake
Lithium company Core Lithium has scrapped its last binding supply deal with a Chinese customer, paying $2-million to terminate its offtake agreement with Ganfeng Lithium and free up future production from its Finniss project near Darwin.
The move follows the earlier cancellation of a contract with Yahua in May and means that all spodumene output from the Northern Territory mine is now unencumbered.
Core says this will allow it to chase higher-value spot sales or strike new partnerships as it seeks to refinance and restart operations.
The company has been under pressure from weak lithium prices, suspending mining at Finniss earlier this year and launching a strategic funding process alongside a $50-million equity raising. The termination of Ganfeng’s deal, Core says, strengthens its hand in those negotiations.
“Today’s announcement is another important advancement for Core. By concluding this agreement, Core has now unencumbered 100% of its future spodumene offtake available, allowing us to fully leverage the quality of our resource base and infrastructure within the strategic funding process," comments CEO Paul Brown.
"This outcome complements the recently announced equity raising, which strengthens our balance sheet and enables us to advance the strategic funding process, providing the restart of Finniss with maximum flexibility and confidence. We thank Ganfeng for their past support.”
Finniss, located about 88 km from Darwin port, is being positioned by Core as a long-life, low-cost and high-quality lithium restart opportunity.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.
VISIT SHOWROOM
Weir is a global leader in mining technology. We recognise that our planet’s future depends on the transition to renewable energy, and that...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
