Core Lithium Ltd (ASX:CXO) is poised to dispatch its maiden Finniss Lithium Operation spodumene concentrate shipment from the port of Darwin in Australia’s Northern Territory bound for market in China.
The 3,500-tonne parcel of spodumene concentrate with a high-quality grade of 5.6% Li2O has been trucked to the port from the project and is ready to be shipped to the company’s foundation customer Sichuan Yahua.
Ahead of timeline
Impressively, the shipment timeline has been beaten by almost a month with Core originally expecting the shipment to be ready by the end of this month.
Core Lithium CEO Gareth Manderson said: "Australia’s newest lithium mine has delivered its first cargo of spodumene concentrate to the Darwin Port ready for shipping.
"The product presents well, with moisture and grade within contractual specifications."
Spodumene concentrate loaded onto trucks at Finniss.
Operations resume
Core Lithium has resumed full mining operations at Finniss following the safe dewatering of the Grants pit.
Ore is being processed through the crusher and Dense Media Separation (DMS) plant.
This means that production of the second spodumene concentrate shipment is underway with a 15,000-tonne parcel of spodumene concentrate being prepared for Yahua.
Both shipments have been sold on an FOB basis and are linked to the Fastmarkets (spodumene 6% CIF China) price.
Core will receive 90% payment for the first parcel and 80% of the payment for the second parcel in April.
The balance of the purchase price for each parcel will be received following receipt of each respective parcel by Yahua.
Dewatering of the Grants Pit has been safely completed and water management across Finniss is under control allowing for full mining operations to recommence.
"Production of the first concentrate from the Finniss Lithium Operations ahead of schedule is a significant milestone,” Gareth Manderson said.
"I would like to commend the Core Lithium team for the work they have done to safely start operations and produce concentrate during this wet season,” he said.
Second shipment
"The pit is now dewatered and full mining operations have recommenced.
“The mining fleet is back in the pit, the crusher and DMS plant are operational, and we have commenced production of the 15,000-tonne parcel of concentrate as a part of the safe and steady ramp-up of production.
"Core’s focus is to now establish the foundations of sustained growth for the company, including the regular delivery of high-quality, reliable volumes of lithium concentrate that is currently in high demand."
The company continues to be focused on the safe and steady ramp-up of the Finniss Lithium Operations.