Name of the Project
Finniss lithium restart project.

Location
South of Darwin port, in the Northern Territory, Australia.

Project Owner/s
Lithium developer Core Lithium.

Project Description
Stage 1 of the Finniss project has confirmed that Core Lithium is well positioned to be the next lithium producer in Australia. The project has been recognised by the Australian and Northern Territory governments as being significant to the economy, and holds major project status.

The restart study is focused on optimising current infrastructure and minimising complexities during future mining and processing to increase productivity. Work completed to date has reinforced the future opportunity, which exists at the operation. 

An optimised mine plan for the cornerstone BP33 lithium deposit (BP33) is being conducted as part of the restart study. 

BP33 is a large, subvertical pegmatite body with an estimated 350 m of strike and up to 40 m true width. The deposit is high-grade with a current ore reserve of 8.7-million tonnes at a grade of 1.38% lithium oxide. 

The geometry of the orebody lends itself to longitudinal open stopping underground mining.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
To be determined.

Capital Expenditure
Not stated.

Planned Start/End Date
Not stated.

Latest Developments
Core Lithium has terminated its last binding supply deal with Chinese company Ganfeng Lithium by paying $2-million to terminate its offtake agreement; this will free up future production from the project.

This follows the earlier cancellation of a contract in May with Yahua and means that all spodumene output from the Northern Territory mine is now unencumbered.

Consequently, Core can pursue higher-value spot sales or forge new partnerships as it aims to refinance and restart operations.

The company has been under pressure amid weak lithium prices, suspending mining at Finniss earlier this year and launching a strategic funding process alongside a $50-million equity raising. Core has said that the termination of Ganfeng’s deal strengthens its hand in those negotiations.

Key Contracts, Suppliers and Consultants
Lucas Total Contract Solutions (openpit mining services); Primero Group (operations and maintenance and engineering, procurement and construction); and CSI Mining Services (contractor).

Contact Details for Project Information
Core Lithium, tel +61 8317 1700 or email info@corelithium.com.au.