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Core Lithium (ASX: CXO) to expand Darwin project following discovery
  • Lithium developer Core Lithium's (CXO) discussions with Transamine Trading has secured its first European offtake
  • The companies have signed a non-binding offtake term sheet for the supply of 50,000 tonnes per annum of spodumene concentrate from Core's Finniss Lithium Project in the Northern Territory
  • This term sheet paves the way for a binding offtake agreement, which is anticipated later in 2020
  • Straight after releasing this announcement, Core went into a voluntary suspension due to an upcoming capital raise
  • Company shares last traded for six cents each

Lithium developer Core Lithium's (CXO) discussions with Transamine Trading has secured its first European offtake.

The companies have signed a non-binding offtake term sheet, for the supply of 50,000 tonnes per annum of spodumene concentrate from Core's Finniss Lithium
Project in the Northern Territory.

Transamine is a Geneva-based trading company, which specialises across a range of strategic material functions such as sourcing, marketing, logistical support and financial tools.

This term sheet paves the way for a binding offtake agreement, which is anticipated later in 2020. However, the agreement is subject to due diligence and a final investment decision on the Finniss Project.

Managing Director Stephen Biggins says this is a big step in cementing Core's relationship with Transamine.

"Transamine, among other existing and prospective offtake partners, has recognised the excellent prospects for Core Lithium to become an efficient and reliable supplier of high-quality spodumene concentrate from Darwin, with the support of the Northern Territory Government," he said.

"Core Lithium remains focussed on developing the Finniss Lithium Project for the
benefit of all stakeholders including the Northern Territory and the growing number of offtake partners and project financiers," he added.

Straight after releasing this announcement, Core went into a voluntary suspension due to an upcoming capital raise. Company shares last traded for six cents each.


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