Core Lithium Ltd (ASX:CXO) continues to move the soil at its flagship Finniss lithium play in Australia's Northern Territory, where development earthworks are tracking on schedule and the company is preparing to erect a dense media separation plant (DMS).
To date, the majority of activity on site has involved preparatory infrastructure works, which are needed to support Australia’s next lithium miner’s mining and plant construction efforts.
Earthworks for the DMS plant pad are due for completion this month, after which work on the DMS is set to commence imminently.
All this brings Core one step closer to its vision: to hit first production by year’s end.
Finniss coming to life
Speaking to progress to date, Core managing director Stephen Biggins said: “It is incredibly pleasing to see the foundations of the Finniss Project come to life and begin to take shape in Darwin.
“As the end of the wet season approaches, we look forward to seeing site activities significantly ramp up, with our path to first production before the end of 2022 firmly on track.”
Work to date
So far, Core has focused its efforts on completing road works, clearing, establishing administration buildings and erecting communication towers.
Water management infrastructure works at Finniss have seen:
- The completion and commissioning of a 7-kilometre process water pipeline from Observation Hill Dam;
- The commencement of construction on drainage control infrastructure; and
- The commencement of construction on the erosion and sediment control infrastructure.
The dense media separation (DMS) process plant pad, which is due for completion in April, will pave the way for Primero Group to commence plant construction activities.
According to Core, Primero is well advanced with the plant’s design and all long lead packages have been ordered.
The building monolith has also secured access to site and personnel in the Northern Territory who are ready to start work.
All in all, Finniss’ development is tracking on schedule, and Core is looking forward to monitoring the project’s progress throughout the dry season.
With the wet season approaching its end in April, the lithium stock expects site activities to focus on the pre-strip needed to uncover ore by about mid-year and the erection of the DMS plant.
Shares have again hit a new high today, rising as much as 6.19% to A$1.63 while the company's market cap is approximately A$2.74 billion.
About Core
Core Lithium is building Australia’s newest and most advanced lithium project on the ASX, the Finniss Project in the Northern Territory.
With first production on schedule for delivery by the end of 2022, the Finniss Project places Core Lithium at the front of the line of new global lithium production.
Down the line, the Finniss Project will provide the globe with high-grade and high-quality lithium suitable for lithium batteries used to power electric vehicles and renewable energy storage.