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Name of the Project
Finniss lithium project.
Location
South of Darwin port, in the Northern Territory, Australia.
Project Owner/s
Lithium developer Core Lithium.
Project Description
Stage 1 of the Finniss project has confirmed that Core Lithium is well positioned to be the next lithium producer in Australia. The project has been recognised by the Australian and Northern Territory governments as being significant to the economy, and holds major project status.
Finniss has total ore reserves estimated at 7.4-million tonnes grading 1.3% lithium oxide, supporting an eight-year mine life. This is based on using openpit mining methods at the Grants and Hang Gong deposits, and underground mining methods at the Grants, BP33 and Carlton deposits.
Stage 1 of the project will involve mining the high-grade spodumene pegmatite deposit from multiple openpit and underground sources; the transfer of the spodumene pegmatite ore to a run-of-mine pad adjacent to the Grants openpit; water-based, dense-medium separation to produce a high-quality spodumene (lithium) concentrate product; and the transport of the lithium concentrate product to the Port of Darwin by sealed public road for overseas export.
The mine will support yearly lithium production of 175 000 t/y from a one-million-tonne-a-year plant.
Potential Job Creation
Core will employ a workforce of about 300 personnel during the life of the mine. Currently, more than 80% of the contractors and direct employees live in Darwin and work at Finniss.
The BP33 project will employ 60 people during construction and about 150 people during operations.
Net Present Value/Internal Rate of Return
The project has a pretax net present value, at an 8% discount rate, of A$221-million and an internal rate of return of 53%, with a two-year payback.
Capital Expenditure
Not stated.
Planned Start/End Date
Not stated.
Latest Developments
Core Lithium has reported an increase in the mineral resource estimate at its BP33 deposit.
As part of the works programme to update the feasibility study for BP33, Core has increased the mineral resource from 10.1-million tonnes, at 1.48% lithium oxide, to 10.5-million tonnes, at 1.53% lithium oxide.
Core has reported that 89% of this resource estimate has been classified in the measured and indicated categories, a 35% increase on the previous estimate.
“Increasing the confidence in the BP33 resource is a significant step in the progress of the feasibility study and supports the development of the BP33 mine plan,” ore CEO Gareth Manderson has said.
The early works programme and the construction of the covered boxcut are progressing well, with the company remaining on schedule to make a final investment decision on BP33 in early 2024, he has adds.
The BP33 project is the second proposed mine for the Finniss lithium operations.
Key Contracts, Suppliers and Consultants
Lucas Total Contract Solutions (openpit mining services); Primero Group (operations and maintenance and engineering, procurement and construction); and CSI Mining Services (contractor).
Contact Details for Project Information
Core Lithium, tel +61 8317 1700 or email info@corelithium.com.au.