What’s with the Core Lithium (ASX: CXO) share price today?

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What’s with the Core Lithium (ASX: CXO) share price today?

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 What’s with the Core Lithium (ASX: CXO) share price today?
Image source: © Aleksandrl | Megapixl.com

Highlights

  • Core Lithium provided an update on the most recent development efforts at the Finniss Lithium Project.
  • The project is still on target to ship the first spodumene concentrate by the end of CY 2022.
  • The shares of Core Lithium are trading in the green today.

The shares of Core Lithium Ltd (ASX:CXO) were trading in green today (23 June 2022) as the company's shares gained 1.76% and were trading at AU$0.87 per share on ASX at 11.42 AM AEST.

Core Lithium was one of the worst performers on ASX 200 on Wednesday (June 22) as the shares closed at AU$0.85, down over 15% from their previous close (AU$1.005).

Core Lithium has provided a negative return of almost 30% in just a week. The widespread downturn in the lithium business that is currently being felt more by developers than by producers is what has caused the fall in Core Lithium’s share price.

The ASX 200 index was 0.34% up at AU$6,530.60 at 11.56 AM AEST while ASX 200 Materials index was 2.23% down at 15,548.00 on ASX at 11.57 AM AEST today.

On the sectoral front, only two sectors were trading in the red at 11:57 AM AEST today, and materials is one of them.

Source: © Suryasnair4288 | Megapixl.com

Core Lithium: Latest developments

Core Lithium provided updates about the most recent development efforts at the Finniss Lithium Project (Project) in the Northern Territory, on Tuesday (21 June 2022).

Subject to the successful ramp-up of the Grants open pit, DMS facility, and crusher and no additional COVID-19 or weather-related delays, the Finniss project is still on target to ship the first spodumene concentrate by the end of CY 2022.

Mining has accelerated with the start of the dry season and the dispatch of an additional excavator and trucks to the site. An extended wet season and much more rainfall during the early stages of mining operations at the Grants open-pit led to temporary increases in fuel usage and delays in open-pit mining. However, mining has been able to speed up since the dry season started, and more trucks and excavators were sent to the site.

Image Source: © 2022 Kalkine Media ®

Data Source- Company announcement dated 21 June 2022

All the staff required for Finniss have been successfully hired by Core, with about 80% of the workforce residing in Darwin.

Early indications suggest the potential for significant resource growth, and the company has now received all outstanding drill assays from the Carlton and BP33 discoveries. In the upcoming weeks, Core anticipates announcing an improvement to the Finniss resource and reserve.

Also Read: Core Lithium (ASX:CXO) shares grabbed investors’ attention today, here’s why

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