Core Lithium has applied for a co-investment fund with the Northern Territory Government to accelerate the development of the Finniss lithium project south of Darwin.
The Northern Territory local jobs fund is an $89 million co-investment fund to support high-growth economic projects to help businesses increase national and international exports.
This is aimed at creating more local jobs and accelerating major projects such as the Finniss lithium project, which is targeting an extended mine life of at least 10 years.
Core is finalising the mineral resource estimate for upgrades to several Finniss deposits, following an extensive drilling program completed last year.
The mineral resource upgrade will be used to determine Finniss’ updated mine plan, as the company works with mining consultant OreWin to investigate the best underground mining techniques for the Carlton deposit.
Core Lithium is confident this mine plan update will be “strongly positive” for the project.
“As we can see the light at the end of the COVID-19 tunnel, the work that the Core team has been doing behind the scenes sets us up well for a strong second half,” Core managing director Stephen Biggins said.
“The imminent mineral resource estimate will feed directly into the mine update, which then feeds into the updated Finniss feasibility study, with the company targeting an extended mine life of at least seven to 10 years.
“With low capex, excellent grades and naturally competitive operating costs of the project close to (Darwin) port, we are more confident than ever that the Finniss lithium project will be front of the line of new global lithium supply as electric vehicle (EV) manufacturing recovers post COVID-19.”
Core Lithium has stated that its short and long term goals have not been materially impacted by the coronavirus pandemic and is continuing to make “excellent progress” on the updated feasibility study.