AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- Core Lithium is preparing to become important lithium producer in Australia.
- The recent environmental approval for the BP33 Underground Mine was an important milestone for the company.
- On a YTD basis, Core Lithium’s shares climbed more than 103%, and the last six months' gain was 130%.
Core Lithium Ltd (ASX:CXO) aims to become Australia's next lithium producer, with the Finniss Lithium Project near Darwin Port in the Northern Territory. Finniss is one of Australia's most capital-efficient and low-cost spodumene lithium projects.
Core Lithium released a Definitive Feasibility Study and Scoping Study on Finniss in 2021, with highlights including the production of an average 173,000tpa of high-quality lithium concentrate at a C1 Opex of US$364/t and AU$89 million Capex through simple and efficient DMS (dense media separation) processing of some of Australia's highest-grade lithium Mineral Resources, as well as a 10-year mine life.
Core Lithium: Latest developments
On 17 May 2022, Core lithium updated on the latest development activities at its Finniss Lithium Project.
As previously revealed to the market, CSI Mining Services (CSI) has been awarded a Crushing Services Contract for the crushing of run-of-mine ore at the Finniss Project.
The crushed ore will be stored before being processed by the Dense Media Separation (DMS) plant. CSI is now expected to begin mobilising for the Project.
The DMS plant's earthworks are nearly finished, and the area of the site will be handed over to Primero Group by the end of the week. The crushed ore will be processed at the DMS unit into spodumene concentrate, which will be ready for export.
The recent environmental approval for the BP33 Underground Mine was an important milestone in the Finniss Project's Environmental Impact Assessment process, marking the end of the EIA procedure for this planned component. Core Lithium plans to submit a Mining Management Plan (MMP) to the Department of Industry, Tourism and Trade (DITT) for review in the coming weeks.
Image Source: © Scanrail | Megapixl.com
Share performance of Core Lithium
Shares of Core Lithium were trading 5.16% lower today (09 June 2022) at AU$1.19 each on ASX at 3.39 PM AEST. This underperforms ASX 200 Materials Index, which was 2.24% down at 17,995.90 points at 3.40 PM AEST. Moreover, materials is the worst-performing sector today followed by many other sectors like financial, utilities, A-REIT and others.
This might be a temporary decline in the material sector as on a YTD basis, the company's shares climbed more than 103%, and the last six months' gain was 130%. The share price of Core Lithium's increased by more than 360% in one year.
The Benchmark Mineral Intelligence, in response to the rising lithium price, stated that the cost of lithium might add up to US$1000 to the price of a new car.
Also Read: Here’s why Core Lithium (ASX:CXO) shares close over 8% strong today
