Fine boost for Finniss lithium project near Darwin

CORE Lithium has obtained expressions of interest from a number of parties for the potential purchase of fine lithium (FL), which may represent a new revenue source from the Finniss Lithium Project near Darwin in the Northern Territory

Core Lithium Finnis Project Map Picture: SUPPLIED

CORE Lithium has expressions of interest from a number of parties for the potential purchase of fine lithium (FL), which may be a new revenue source from its Finniss Lithium Project near Darwin.

Fine lithium is a by-product of the production of high-quality lithium concentrate from the project.

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The company is targeting annual production of 175,000 tonnes of high-quality lithium concentrate set to begin in 2020. In addition, between 200,000 tonnes and 250,000 tonnes per annum of fine lithium is forecast to be produced as a by-product of the concentrate process through Core’s Dense Media Separation (DMS) plant.

Core Lithium recently confirmed its Finniss Lithium Project 80km west of Darwin is likely to be Australia’s next lithium mine. Core’s managing director Stephen Biggins said the addition of fine lithium to the suite of saleable products is likely to materially improve the economics of what is already a very good project.

“We are already mining and partially processing this material anyway as we produce spodumene concentrate,” he said. “There is little extra work that needs to be done to add significant revenue — Core is well advanced with debt financiers in addition to finalising offtake terms in coming months.”

The fine lithium product was initially planned to be stored for processing at a later date, but in response to recent expressions of interest, Core is considering adding potential sales of FL to project revenues.

Core is undertaking further studies on fine lithium product preparation and transport, and aims to complete binding FL offtake agreements in coming months.

Core was awarded the Northern Territory’s first lithium mineral lease at the start of the year, signalling the beginning of a new NT industry with the potential to create hundreds of new jobs.

“We expect more than 150 long-term jobs will be created running the mine and processing facility,” Mr Biggins said.

“These are direct jobs, but there would be positive flow-on effects for local businesses.”