Core Lithium (ASX:CXO) is progressing the restart study for the Finniss Lithium Operation in the Northern Territory, with opportunities to improve productivity and lower operating costs.
The restart study, which is on track for completion in Q2 2025, is focused on optimising current infrastructure and minimising complexities during future mining and processing.
Core Lithium, which has a market capitalisation of $162.86 million, is completing metallurgical testwork and studies, aimed at increasing future recoveries, yield, and capacity of the dense media separation (DMS) plant.
To date, work completed has presented opportunities to optimise the process flowsheet without the need to install a flotation circuit.
An optimised mine plan for the BP33 lithium deposit is also being completed, as part of the study. The mine plan is being developed in conjunction with a group of independent consultants.
The company notes any future restart decision remains subject to the outcomes of the study, market conditions, and board approval for a final investment decision.
In support of the restart study, Core Lithium has ended its remaining operating contracts at Finniss relating to the operational period.
Core Lithium says transitioning to full ownership of all site infrastructure presents the potential to adopt a revised operating model for the site in future, which aligns with the company’s objectives of the restart study.
Upon completion, Core Lithium will complete its demobilisation obligations and will acquire the assets on an ‘as is, where is’ basis from previous operating contractors.
The settlement of the contractual matters totals $19.5 million and is expected to close by July 2025.
The Finniss Operation has over $350 million invested capital across the Grants and BP33 deposits. The BP33 deposit is a large, sub-vertical pegmatite body with 350m of strike and up to 40m true width. BP33 has an ore reserve of 8.7 million tonnes @ 1.38% lithium oxide.
Write to Aaliyah Rogan at Mining.com.au
Images: Core Lithium
