viewCore Lithium Ltd

Core Lithium higher on being granted mineral lease for BP33 lithium deposit by NT Government

This move reflects another key milestone achieved towards being shovel-ready on Australia’s most advanced new lithium project.

Core Lithium Ltd - Core Lithium receives mineral lease for BP33 lithium deposit by NT Government
Development tenure has been locked in for mining and supporting project infrastructure

Core Lithium Ltd (ASX:CXO) is trading higher on being granted a mineral lease (ML) for the BP33 lithium deposit within the Finniss Project near Darwin – the second lithium mineral lease in the Northern Territory awarded to the company after the Grants deposit mineral lease in 2019.

The lithium and diversified metals company has received and accepted the NT Government’s offer of a mineral lease for BP33 for a term of 25 years.

Shares have been almost 20% higher to 25 cents this morning, approaching the new record high of 26.5 cents set this month, and the company's market cap is approximately $224.9 million.

"Significant milestone"

Managing director Stephen Biggins said it was a significant milestone in the company’s history.

He said: “This additional mining lease approval from the Northern Territory Government is well timed as Core continues to advance the Finniss Lithium Project towards commencing construction and as we aim to further expand resources, life of mine and production capacity in 2021.

“It is a further encouragement that the NT Government understands the important role that Finniss will play in the future of the lithium sector and as we continue to see signs of global improvement in this industry, we are optimistic of our near-term plans for Australia’s next lithium mine.”

Offtake deal 

On January 4 the company’s largest shareholder and offtake partner China’s Sichuan Yahua Industrial Group signed a deal to supply battery-grade lithium hydroxide to US electric vehicle manufacturer Tesla Inc (NASDAQ:TSLA) over the next five years.

This was outlined by Core in response to a query from the ASX as shares were as much as 45% higher to 21 cents intra-day, just shy of the 21.1 cent record set when the company listed in February 2011.

Quick facts: Core Lithium Ltd

Price: 0.215 AUD

Market: ASX
Market Cap: $215.52 m

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