Name of the Project
Finniss lithium project.

Location
South of Darwin Port, in the Northern Territory, in Australia.

Project Owner/s
Core Lithium.

Project Description
The updated definitive feasibility for Stage 1 of the Finniss project has confirmed that Core Lithium is well positioned to be the next lithium producer in Australia.

Finniss has total ore reserves estimated at 7.4-million tonnes grading 1.3% lithium oxide, supporting an eight-year mine life. This is based on using openpit mining methods at the Grants and Hang Gong deposits, and underground mining methods at the Grants, BP33 and Carlton deposits.

Stage 1 of the project will involve mining the high-grade spodumene pegmatite deposit from multiple openpit and underground sources; the transfer of the spodumene pegmatite ore to a run-of-mine pad adjacent to the Grants openpit; water-based dense-medium separation (DMS) to produce a high-quality spodumene (lithium) concentrate product; and the transport of the lithium concentrate product to the Port of Darwin by sealed public road for overseas export.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at an 8% discount rate, of A$221-million and an internal rate of return of 53%, with a two-year payback.

Capital Expenditure
The project has a modest preproduction capital expenditure of A$89-million.

Planned Start/End Date
On-site process plant construction activities are scheduled to start in March 2022, with DMS plant commissioning and first concentrate production anticipated in the fourth quarter of 2022.

Latest Developments
Core Lithium has awarded the engineering, procurement and construction (EPC) contract for Finniss to Primero Group, a wholly owned subsidiary of ASX-listed NRW Holdings.

The contract is worth an estimated A$40-million, and execution of the EPC contract will start immediately, following a final investment decision, with detailed engineering, procurement of long-lead time equipment and securing structural steel to occur before the end of 2021.

The award of the EPC contract follows the award of the mining services contract to Lucas Total Contract Solutions for the provision of openpit mining services.

The three-year mining contract focuses on the Grants openpit, which is the first mine to be developed at Finniss, with first lithium production targeted in late 2022.

Key Contracts, Suppliers and Consultants
Lucas Total Contract Solutions (openpit mining services) and Primero Group (EPC).

Contact Details for Project Information
Core lithium, tel +61 8317 1700 or email info@corelithium.com.au.