Core Lithium Ltd’s (ASX:CXO) (OTCMKTS:CXOXF) wholly-owned Finniss Lithium Project, near Darwin in the Northern Territory, has been awarded Major Project Status (MPS) by the Australian Federal Government.
Award of MPS, which is in place for three years, provides the Finniss project with extra support from the government’s Major Projects Facilitation Agency.
MPS is the Federal Government’s recognition of the strategic significance of a project to Australia and incorporates a single-entry point for Australian Government approvals, project support and coordination with state and territory approvals.
“A major milestone”
Core Lithium managing director Stephen Biggins said: “The award of major project status for our flagship Finniss Lithium Project is another major milestone for both the company and the Federal Government, as we strive to enter the construction phase in 2021, subject to a final investment decision.”
With an updated Definitive Feasibility Study (DFS) on Finniss due in the first half of 2021 ahead of a Final Investment Decision (FID), Core is on track to start construction at the Finniss Project before the end of the year.
“Pathway for critical minerals hub”
Biggins said: “When in production, the Finniss Lithium Project will be the first Australian lithium producing mine outside of Western Australia, with our proximity to Darwin Port – the country’s nearest port to Asia – serving as a direct route for our lithium to be processed and delivered to end-users worldwide.
“This opens up a pathway for a critical minerals hub to be established in Northern Australia, along with the potential for significant associated local modern manufacturing opportunities.”
The granting of MPS for Finniss was made at the weekend in a joint statement by Federal Minister for Industry, Science and Technology Karen Andrews and Federal Minister for Resources, Water and Northern Australia Keith Pitt.
Shares have been more than 9% higher at A$0.24 this morning and the company’s market cap is approximately A$233.5 million.