https://www.engineeringnews.co.za

NT govt backs Finniss project

5th August 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – The Northern Territory government, through its Local Jobs Fund (LJF) has offered to invest A$5-million into ASX-listed Core Lithium’s Finniss project, in the form of a low-cost business investment concessional loan.

Core has received a non-binding indicative term sheet for the concessional finance facility, following an assessment process by the LJF investment committee.

“To ensure the territory rebounds strongly from Covid-19, the Northern Territory government is investing in projects that will help our economy grow and create jobs for territorians,” said Chief Minister Michael Gunner.

“We are making the territory Australia’s comeback capital, and this job-creating project can be a key part of that.”

The facility will have an 36-month term and a bank bill swap rate plus 2% interest rate.

Core told shareholders that the finance facility will contribute to the lower startup capital funding needs, and that the concessional interest rates will reduce the overall cost of finance.

“We are delighted to have the support of the Northern Territory government in the offer of a concessional finance facility, which contributes to the transition from developer to miner,” said MD Stephen Biggins.

“The Northern Territory government’s proposed financial commitment is a recognition of the value of the near development-ready Finniss lithium project and its contribution to reducing global emissions and the rebound in economic growth in the territory.”

A previously completed prefeasibility study into the Finniss project estimated a preproduction capital requirement of A$53.5-million to develop a one-million-tonne-a-year operation producing 225 000 t/y of lithium concentrate.

Core is aiming to complete offtake arrangements and have the project construction ready in 2020, ahead of sourcing debt and equity to achieve financial close.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Egoli Gas (Pty) Ltd
Egoli Gas (Pty) Ltd

As a reticulator, Egoli Gas provides natural gas to homes and businesses via underground pipes.

VISIT SHOWROOM 
ATI Systems
ATI Systems

ATI systems comprises five divisions: electrical assemblies, drives and controls, feedback sensors, enclosures, and strip guiding.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.052 0.456s - 140pq - 2rq
Subscribe Now