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Core Lithium (ASX:CXO) - Managing Director, Stephen Biggins
Managing Director, Stephen Biggins
Source: Core Lithium
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  • Core Lithium (CXO) begins construction on its Finniss lithium project in the Northern Territory
  • This follows a final investment decision (FID) in September and the award of a mining services contract to Lucas Total Contract Solutions
  • Furthermore, construction of the dense media separation (DMS) process plant will begin in March 2022 while first production of lithium concentrate is scheduled for Q4 2022
  • Beginning construction marks a milestone for both Core and the Northern Territory as Finniss is the first-ever lithium mine in the territory
  • Core is up 4.39 per cent on the market with shares trading at 59.5 cents

Core Lithium (CXO) has begun construction on its Finniss lithium project in the Northern Territory.

Commencement of construction follows a final investment decision (FID) in September and the award of a mining services contract to Lucas Total Contract Solutions.

Following heritage and vegetation management, site construction and establishment works have begun.

This work includes road access works, site establishment and the construction of communications, water supply and fuel infrastructure.

Mining is expected to begin before the end of the year with the construction of the dense media separation (DMS) processing plant beginning in March 2022.

Commissioning of the DMS plant and the first production of lithium concentrate is scheduled for Q4 2022.

Roughly 80 per cent of Finniss’ initial output falls under the four-year offtake agreements with Ganfeng, one of the world’s largest lithium producers, and Yahua, a lithium supplier to Tesla.

The construction marks a milestone for both Core and the Northern Territory as Finniss is the first-ever lithium mine in the territory and the first new significant mine in more than 10 years.

Managing Director Stephen Biggins was excited construction has begun.

“This next phase of the company will be transformational, and we are excited to see construction milestones met at Finniss over the coming 12 months, ahead of first production before the end of 2022,” Mr Biggins said.

“We’re excited to see the Northern Territory play an important role in meeting the ever-rising demand of renewable energy sources.”

Core was up 4.39 per cent on the market with shares trading at 59.5 cents at 11:10 am AEDT.

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