Core Lithium (ASX:CXO) is pleased to report that the second shipment of spodumene concentrate from the Finniss Lithium Operation will start loading at Darwin Port today.
The Australian lithium miner, which has a market capitalisation of $1.7 billion, reports that upon completion of loading, which is expected by 12 July, the ship Silver Lady will sail to Zhangjiagang in China.
The shipment of about 13,100 tonnes of spodumene concentrate is the balance of the 18,500 tonnes of commissioning and first production tonnes sold to Sichuan Yahua under ‘additional sales agreements’ announced in March 2023.
In accordance with the terms of the agreements, Core received 90% payment for the first parcel of some 3,500 tonnes, and an 80% prepayment for the 15,000 tonne parcel in April.
The final payment for the 3,500t cargo has been settled, and balance of the purchase price for the current cargo will be settled soon after shipment. Both shipments were sold on an FOB basis and are linked to the Fastmarkets (spodumene 6% CIF China) price.
These shipments were sold in addition to the existing offtake agreement with Yahua for the sale of 300,000 tonnes of spodumene concentrate.
Addressing the shipment, Core Lithium CEO Gareth Manderson says: “Core’s second concentrate shipment was produced and delivered to the Darwin Port on-schedule, marking an important milestone for Core and Finniss and will complete the additional sales agreements with our foundation customer Sichuan Yahua.
“As we ramp up to steady-state operations at Finniss, our focus now is on the reliable production and delivery of spodumene concentrate to our long-term offtake partners”
As we ramp up to steady-state operations at Finniss, our focus now is on the reliable production and delivery of spodumene concentrate to our long-term offtake partners.”
Core Lithium is a hard-rock lithium mining company that owns and operates the Finniss Lithium Operation on the Cox Peninsula, south-west and 88km by sealed road from the Darwin Port, Northern Territory. Core’s vision is to generate sustained value for shareholder from critical minerals exploration and mining projects underpinned by strong environmental, safety and social standards.
Write to Adam Orlando at Mining.com.au
Images: Core Lithium Ltd
