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Core Lithium (ASX:CXO) - Managing Director, Stephen Biggins
Managing Director, Stephen Biggins
Sourced: Cannings Purple
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  • Core Lithium (CXO) has received Mine Management Plan approval from the Northern Territory Government to build the Finnis Lithium Project
  • Once completed, this will be the first lithium mine and production facility to be built outside of Western Australia
  • Core is aiming to have the project construction ready by 2020
  • This project will create more than 200 jobs in the community and inject more than half a billion dollars into the economy
  • Following this approval Core shares have skyrocketed 54.6 per cent and are trading for 3.4 cents each

Core Lithium (CXO) has received Mine Management Plan approval from the Northern Territory Government to build the Finnis Lithium Project.

This approval is a significant milestone as it marks the first lithium mine and production facility to be built outside of Western Australia.

“Following extensive consultation with local environmental, community and business stakeholders, we’re incredibly pleased to be another major step closer to starting a project that will deliver significant prosperity to northern Australia,” Managing Director Stephen Biggins commented.

“Importantly, with this approval and continued NT Government backing, Core’s Finnis Lithium Project opens the door for the Northern Territory to be a high-quality supplier of lithium in the growing global electric vehicle market,” he added.

Core’s 500 square metre Finnis Lithium Project lies just south of Darwin in the Northern Territory and has a mineral resource of 9.63 million tonnes at 1.4 per cent lithium oxide.

As it is situated within the Bynoe Pegmatite Field, one of the most prospective areas for lithium in the Northern Territory, Core is planning to develop the project into one of Australia’s highest-grade lithium sources.

Following the release of a definitive feasibility study in 2019, Core has set its sights on completing an updated study which is expected in the next three months.

Core is estimating to have the Finnis Lithium Project construction ready in 2020.

“The resources sector is going to play a huge role in our recovery from the COVID-19 crisis, and the milestone achieved by the Finnis Lithium Project is very good news for Territorians,” Northern Territory Minister for Primary Industry and Resources, Paul Kirby stated.

“The first three years of this project are expected to inject over half a billion dollars into the NT economy and create around 200 jobs for Territorians,” he added.

Following this approval Core shares have skyrocketed 54.6 per cent and are trading for 3.4 cents each at 12:02 pm AEDT.

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