Core Lithium (ASX:CXO) is looking to deliver an inaugural 10,000 tonne spodumene concentrate into its long-term offtake agreements to foundation customer Ganfeng Lithium (SHE:002460).
The $832.86 million market capitalisation says spodumene concentrate has been loaded onto the Clearwater Bay.
The product presented well and is within the Ganfeng contract specifications, with the shipment expected to discharge the cargos at ports in China later this month after being loaded at Darwin Port yesterday (7 September 2023).
Core reports the shipment follows the 2 concentrate shipments made in April and July under separate agreements with Sichuan Yahua.
The company also notes it has also negotiated the sale of an initial parcel of fines from its Finniss Lithium Operations near Darwin in the Northern Territory.
Up to 15,000 tonnes with a grade of 1.2% lithium oxide has also been loaded.
Addressing the milestone, Core Lithium Chief Executive Officer Gareth Manderson says: “Delivering concentrate into long-term offtake agreements is a significant milestone for Core as we ramp up operations at the Finniss Lithium Operation. The product presents well and will be sold on a formula-based pricing mechanism linked to the lithium spot price.
The sale of the lithium fines has been established to deliver a revenue stream from a previously unsold by-product. Lithium fines sales provides an immediate commercial option while plant recovery improvement work is underway. I am impressed with how the operations, technical and sales and marketing teams have moved quickly to realise this commercial option within a short timeframe.
Delivering first concentrate into long-term offtake agreements, and the sale of first fines are both significant milestones, and I commend the Core team for the work they have done to safely produce and deliver these products.”
Core Lithium is a hard-rock lithium miner which owns and operates the Finniss Lithium operation located on the Cox Peninsula, about 88km southwest from the Darwin Port in Northern Territory.
The project is situated within one of the most prospective areas for lithium in the Northern Territory, the Bynoe Pegmatite Field.
Write to Adam Drought at Mining.com.au
Images: Core Lithium
