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Highlights
- ASX 200 Materials Index also closed 1.45% higher at 17,706.50.
- Materials was one of top-performing sectors today.
- Recently, Core’s BP33 Underground Mine received environmental permission.
Shares of Core Lithium Limited (ASX:CXO) closed at AU$1.31 each, up 8.75% on ASX today (5 May 2022).
There is no new announcement by the company which can be the reason for its share price gain; however, this might be because of the ASX 200 Materials Index, which closed 1.45% higher at 17,706.50.
Most of the sectors are higher, along with the S&P/ASX 200 Index, which closed 0.82% higher at 7,364.70. IT was the best performing sector, followed by the energy, A-REIT, Utilities, Healthcare and Materials sectors.
Core Lithium’s latest developments
BP33 receives environmental approval
Core, Australia's next lithium developer, announced on 3 May 2022 that the BP33 Underground Mine has received environmental permission.
The Hon. Eva Lawler MLA, Northern Territory Minister for Renewables and Energy; Minister for Infrastructure, Planning and Logistics; Minister for Environment; Minister for Water Security; Minister for Climate Change; Minister for Essential Services, decided to grant the environmental approval under the NT Environment Protection Act 2019.
The Environmental Impact Assessment process is now complete (for the proposed BP33 Underground Mine). It is now paving the door for the company to submit a Mining Management Plan (MMP) to the Department of Industry, Tourism and Trade (DITT) for review.
Core will submit the MMP application in compliance with the NT Mining Management Act 2001 and the NT Environmental Protection Authority's recommendations for the BP33 Underground Mine.
Also Read: Why is Core Lithium (ASX:CXO) share price in focus?
Source: © Kirshal | Megapixl.com
Award of Finniss Lithium Project crushing contract
On 2 May 2022, Core informed that the company has signed a crushing services contract with CSI Mining Services (CSI) for the Finniss Lithium Project (Project) near Darwin in the Northern Territory.
Run-of-mine ore will be stored before being fed into the CSI crusher circuit. The crushed ore will then be stored before processing into spodumene concentrate for export at the Dense Media Separation Plant.
The civil works for the crusher are approaching completion, and CSI is slated to begin mobilising for the project in June 2022.
Source: © Malpetr | Megapixl.com
About Core Lithium
Core Lithium is an Australian mineral exploration company. The company's efforts in the Northern Territory (NT) and South Australia are focused on the Finniss Lithium Project and other potential possibilities.
Its Finniss Lithium Project is 25 kilometres (km) north of Darwin Port in Northern Australia. The project is located in the Bynoe Pegmatite Field in the Northern Territory, and its tenements span an area of approximately 500 square kilometres.
Core’s zinc projects include the Yerelina Project in northern South Australia, which has a zinc system encompassing around 500 square kilometres. Blueys and Inkheart Projects are two of the company's silver and lead projects.
Stock performance
The shares of Core Lithium have grown more than 120% YTD and zoomed over 432% in the last one year.
Also Read: SYA, CXO, AVZ: Why are these 3 ASX mining stocks in red today?
