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Highlights
- Core Lithium recently said that it has mutually agreed with Tesla to extend the termination date for its binding offtake term sheet to 26 October 2022.
- The offtake term sheet with Tesla is for the supply of up to 110,000 DMT of lithium spodumene concentrate generated at Core's Finnis Lithium Project.
- Core Lithium’s shares closed 1.45% higher today at AU$1.40 per share on ASX.
Shares of Core Lithium Ltd (ASX:CXO), one of the leading lithium producers in Australia, closed 1.45% higher today to close at AU$1.40 per share on ASX.
Interestingly, the company did not make any new announced today (31 August) and it seems that the share price rise might be because of the latest announcement by Core Lithium on extending the termination date for its offtake term sheet.
Meanwhile, the ASX 200 Materials index closed 1.40% lower today at 16,198.00 points. The overall Australian market was also down, closing at 6,986.80 points, down 0.16%.
Image Source: © 2022 Kalkine Media ®
Data Source- Company announcements in August 2022
On Monday (29 August), Core Lithium announced that it hah decided to extend the termination date for its binding offtake term sheet with Tesla to 26 October 2022.
The prolongation gives Core and Tesla more time to finalise negotiations for the official full-form enforceable offtake agreement.
The offtake term sheet with Tesla supplies up to 110,000 dry metric tonnes of lithium spodumene concentrate generated at Finnis Lithium Project of the mining giant.
On 15 August, Core Lithium had shared an update on its exploration activities about Finnis Lithium Project in the Northern Territory.
Diamond drilling: According to Core Lithium, diamond drilling at BP33 is going on at a good pace and the company is focused on exploring the depth and strike extensions of the main pegmatite intrusions.
Notably, diamond drilling at BP33 will be followed by resource delineation and extensional exploration projects at Carlton, Hang Gong, Lees, and Sandras. These programs are intended to supplement the Mineral Resource Estimates.
RC Drilling: Core has begun a more than 40,000m RC drill program divided into greenfields and brownfields target zones.
The program will focus on prospects with outstanding exploration findings from 2021 drilling.
On 05 August, Core Lithium had announced the selection of its new CEO. Gareth Manderson has been appointed CEO of the company, succeeding Stephen Biggins, who resigned as Managing Director in March.
Manderson has 28 years of expertise in the mining and minerals business. His most recent role at Rio Tinto was general manager Sustaining Capital.
His most recent role at Rio Tinto (ASX:RIO) was general manager Sustaining Capital.
Manderson began his new role on 08 August.
Image Source: © 2022 Kalkine Media ®
Data Source- Company announcement dated 5 August 2022
On 01 August 2022, Core Lithium provided an update on drilling results and exploratory efforts at the BP33 Deposit, which is part of the Finniss Lithium Project (Finniss Project), on 01 August.
