Finniss lithium venture wins Major Project Status

The Federal Government has awarded Major Project Status for Core Lithium's Finniss lithium project, located near Darwin in the Northern Territory. Construction is expected to begin at Finniss in the second half of this year, subject to several conditions including final investment decision. It is expected to generate more than 360 jobs during construction and more than 250 ongoing jobs in operation. The project lies within one of the most prospective areas for lithium in the NT, the Bynoe pegmatite field, and covers more than 500sq km of granted tenements. A definitive feasibility released last year pointed to a modest pre-production capex of $73 million and strong cashflows for an operation producing 175,000tpa of high-quality lithium concentrate. Core is aiming to complete an updated feasibility study in the first half of 2020 and is working toward increasing mineral resources, ore reserves and mine life ahead of first construction. "The award of Major Project Status for our flagship Finniss lithium project is another major milestone for both the company and the Federal Government, as we strive to enter the construction phase in 2021, subject to a final investment decision," Core Lithium managing director Stephen Biggins said.“When in production, the Finniss lithium project will be the first Australian lithium producing mine outside of Western Australia, with our proximity to Darwin Port – the country’s nearest port to Asia – serving as a direct route for our lithium to be processed and delivered to end-users worldwide.“This opens up a pathway for a critical minerals hub to be established in Northern Australia, along with the potential for significant associated local modern manufacturing opportunities.” It comes after the announcement last week that the Mount Peake vanadium-titanium-iron project in the Northern Territory had received Federal Major Project Status. Minister for Industry, Science and Technology Karen Andrews said the projects would bring huge economic benefits to the Northern Territory and the rest of Australia. “Lithium is a valuable export which will only become more important in the future, thanks to its use in a range of everyday items from electric car batteries to smart phones, pace makers and digital cameras,” Ms Andrews said. “Products using vanadium, titanium and iron are also in great demand and these two projects will see our nation capturing more value from these resources, which will create jobs in the Northern Territory and economic opportunities for all of Australia. “For too long Australia has simply dug up and shipped our critical minerals overseas, but the Morrison Government has made it a priority for our nation to move up the value chain. “That’s why Resources Technology and Critical Minerals Processing is one of six priority areas under our $1.5 billion Modern Manufacturing Strategy.” Major Project Status is the Australian Government’s recognition of the strategic significance of a project to Australia. It provides companies with extra support from the Major Projects Facilitation Agency, including a single entry point for Australian Government approvals, project support and coordination with state and territory approvals. https://www.youtube.com/watch?vN3wtAAJTrfE&t3s

Finniss lithium venture wins Major Project Status

Industry Queensland

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