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Core Lithium halted with material offtake agreement news pending

The company has applied for a new Northern Territory Government initiative aimed at creating more local jobs and accelerating major and significant projects.

Core Lithium Ltd - Core Lithium in trading halt ahead of a material offtake agreement
Mining consultants OreWin have been engaged to update the mine plan for the Finniss project

Core Lithium Ltd (ASX:CXO) has an announcement pending in regard to a material offtake agreement and has been granted a trading halt by the ASX. 

The halt will remain in place until the start of regular ASX trade on Monday, May 25, 2020, or when an announcement is released to the market, whichever occurs earliest.

Shares last traded at 5.8 cents after reaching a new 12-month high of 6 cents yesterday and are up from 1.4 cents on March 23.

Strong second half expected

On May 5, the company announced it was set for a strong second half of 2020 at the Finniss Lithium Project in the Northern Territory after undertaking a large amount of behind the scenes work during the COVID-19 pandemic.

This included applying for support under a new Northern Territory Government initiative aimed at creating more local jobs and accelerating major and significant projects.

The NT Local Jobs Fund is an $89 million co-investment fund to support economic projects and help high growth potential Territory businesses to increase exports nationally and international.

Core's managing director Stephen Biggins said at the time: “As we can start to see light at the end of the COVID-19 tunnel, the work that the Core team has been doing behind the scenes sets us up well for a strong second half."

Quick facts: Core Lithium Ltd

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Price: 0.455 AUD

Market Cap: $704.3 m

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