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Core Lithium up 60% with key NT Government approvals secured for Finniss Lithium Project

This approval is a crucial milestone in the company plans to build Australia’s first lithium mine and production facility outside Western Australia.

Core Lithium Ltd - Core Lithium secures key Northern Territory Government approvals for Finniss Lithium Project
Regulatory approvals are now in place to commence construction

Core Lithium Ltd (ASX:CXO) has received approval from the Northern Territory Government of its mine management plan (MMP) for the Finnis Lithium Project and can now begin site activities.

With regulatory approvals now in place, the company is on track to be construction-ready this year for the NT's first lithium project and is positioned at the front of the line of new global lithium producers.

Shares in the company have been up almost 60% to an intra-day high of 3.5 cents.

Core Lithium managing director Stephen Biggins said: “Following extensive consultation with local environmental, community and business stakeholders, we’re incredibly pleased to be another major step closer to starting a project that will deliver significant prosperity to northern Australia.

"Importantly, with this approval and continued NT Government backing, Core's Finniss Lithium Project opens the door for the Northern Territory to be a high-quality supplier of lithium to the growing global electric vehicle market and play a critical role in supporting the world's response to reducing emissions and managing climate change risk.

“With project approvals now in place and mine-life likely to double or even triple as we update our feasibility study by mid-2020, Core’s Finniss Lithium Project is positioned at the front of the line of new global lithium supply as EV manufacturing recovers post COVID-19.”

“Kick-starting economic recovery”

Northern Territory Minister for Primary Industry and Resources Paul Kirby said: “The Territory Labor Government knows that local jobs and economic recovery have never been more important.

“The resources sector is going to play a huge role in our recovery from the COVID-19 crisis, and the milestone achieved by the Finniss Lithium Project is very good news for Territorians.

“The first three years of this project are expected to inject over half a billion dollars into the NT economy and create around 200 jobs for Territorians within an hour of Darwin.

“We will get through this crisis and the Territory Labor Government is working hard to kick-start our economic recovery, including creating local jobs for Territorians.”

Construction ready in 2020

Core aims to complete offtake arrangements and have the project construction-ready in 2020 ahead of sourcing debt and equity to achieve financial close.

The project has arguably the best supporting logistics chain to markets in Asia of any Australian lithium project.

It’s 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.

Given its low start-up capital requirements, existing infrastructure and proximity to offshore transport services, the Finniss Lithium Project is well placed to meet the world’s growing demand for lithium batteries for electric vehicles and other renewable technologies.

Quick facts: Core Lithium Ltd

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ASX:CXO
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Market Cap: $38.04 m
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Core Lithium expects to be construction-ready at Finniss Lithium project by...

Core Lithium Ltd's (ASX:CXO) Stephen Biggins tells Proactive's Andrew Scott their short- and medium-term goals have not been materially impacted by the COVID-19 pandemic and excellent progress is being made on the updated feasibility study for the Finniss Lithium Project in the Northern...

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