Core Lithium successfully raised A$91 million via an institutional placement just days after securing a $34 million equity investment from Ganfeng, one of the world’s largest lithium producers.
According to Core’s Managing Director Stephen Biggins, the funds raised, together with the Ganfeng equity investment of A$34 million, will be principally used to cover upfront capital costs at the company’s flagship Finniss Lithium Project in the Northern Territory, including plant construction costs, open pit pre-strip costs and other mine establishment costs.
“We are very pleased with the overwhelming support received in the Placement in this transformational moment for Core,” Mr Biggins said.
“Together with the Ganfeng equity investment and the share purchase plan, we are now fully funded to complete Stage 1 development of Finniss and have the financial flexibility to assess future growth initiatives.
“With the support of our high-quality shareholder base, we look forward to executing on our plan to commence anticipated first production in late 2022.”
According to the statement from the company, the Finniss Lithium Project is Australia’s most advanced new lithium project on the ASX and places the company at the front of the line of new global lithium production.
The project has Federal Government Major Project Status and is also one of the most capital efficient lithium projects in Australia, located within 25km of power station, gas, rail and importantly to Darwin Port – Australia’s nearest port to Asia.
