Name of the Project
Finniss lithium project.

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

Project Owner/s
Core Lithium.

Project Description
The updated definitive feasibility study 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
About 250 jobs will be created during construction and operations of the Finniss project.

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
Construction has started at Finniss.

Site construction and establishment works are under way following heritage and vegetation management, while road access works, site establishment and construction of communications, fuel and water supply infrastructure have started.

Project early works on site at Grants have started in preparation for the start of mining activity later this year, followed by DMS process plant construction, which will start in March 2022.

Meanwhile, Chinese regulators have approved an offtake agreement between Core Lithium and Ganfeng Lithium.

The offtake agreement covers 75 000 t/y of spodumene concentrate from the Finniss project, over a four-year term, with Ganfeng also investing A$34-million in Core through the acquisition of 100-million shares.

The Ganfeng offtake adds to an existing offtake with Yahua for 75 000 t/y of spodumene concentrate, resulting in about 80% of the Stage 1 production being contracted over the first four years of the mine life.

Key Contracts, Suppliers and Consultants
Lucas Total Contract Solutions (openpit mining services); and Primero Group (engineering, procurement and constructionEPC).

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