Core Lithium has accomplished a significant milestone with the inauguration of the Finniss Lithium mine in the Northern Territory (NT).
The $89 million open-cut lithium mine is the first new mine to start operations in the NT in over 10 years. The NT Government said it is igniting interest, investment, and expansion in our quickly growing critical minerals sector.
Chief Minister Natasha Fyles said that when it comes to renewable energy and essential minerals, the Territory is entering new and exciting opportunities.
“The Finniss Lithium Project will create jobs for at least 12 years and produce 16 million tonnes of lithium-bearing ore over the life of the mine. This project will provide hundreds of world-class mining jobs for residents in the Top End, which will also support local business and create new opportunities for Territorians,” Fyles stated.
Given that development on the Finniss Lithium Project only started in October 2021, Core Lithium is on target to ship its first shipments by the end of the year.
The project has started mining, and the concentrator’s construction and commissioning are scheduled to yield the first concentrate in the first half of 2023.
Minister for Mining and Industry Nicole Manison said it is a significant turning point for the NT’s economy, which aims to reach $40 billion by 2030.
“Our abundance of mineral resources, and a port that is the gateway to Asia, make the Northern Territory the perfect location for game-changing projects like this. Lithium is the way of the future both for cleaner energy and the Territory economy, Core is using local suppliers and creating well-paying jobs for Territorians,” Manison added.
According to Manison, the Mineral Development Taskforce, established by NT Government, is just the beginning of its investigation and identification of policies and methods to spur private investment in projects such as this one.
In addition to a legally binding Term Sheet with Tesla for four years, Core has binding offtake agreements with Ganfeng Lithium and Sichuan Yahua to supply each business with 75,000 tonnes of lithium concentrate annually over the course of four years.
Throughout the mine’s existence, which is anticipated to be at least 12 years, the Finniss Lithium Project will likely mine 16 million tonnes of lithium-bearing ore.
Construction on the Cox Peninsula Road site will be finished by the end of the year, and Core plans to employ approximately 300 employees, including contractors, for the life of the Finniss activities.
Core Lithium has also hired the Kenbi Rangers, who are headquartered at Wagait Beach, to provide on-site services such as tree relocation, weed management, cultural heritage monitoring, water controls, and silt fence.
The Finniss Lithium Project is the NT’s first lithium mine, and it will supply high-quality lithium for batteries used in electric vehicles and renewable energy storage around the world.
Core Lithium Executive Officer Garerg Manderson said today’s announcement marks an important day for Core Lithium as it commemorates its smooth transition from a lithium explorer to Australia’s newest lithium producer and exporter.
“With customers secured for the first four years of production, high global demand for lithium, and one of the best logistics chains and supporting infrastructure networks, Core Lithium is well positioned to become a significant player in the global supply chain for lithium battery production,” Manderson stated.
According to Manderson, with the help of the community and our locally based contractors, suppliers, and employees, Core has established a solid track record in the Northern Territory, and we look forwards to building upon it.
“We are proud of the company’s achievements to date and look forward to continuing our journey to become one of Australia’s top lithium producers,” Manderson added.
