Core Lithium dispatches maiden shipment from NT mine, now completing separation plant

Core Lithium (ASX: CXO) has joined the ranks of lithium producers with its first cargo from its Finniss mine in the Northern Territory now on the seas heading for a China-based lithium-ion battery supply chain company.

Loading began on 30 December at Darwin Port on the Liberian-registered bulk carrier Rossana of the 15,000 dry metric tonnes of 14% lithium oxide spodumene direct shipping ore (DSO).

This maiden shipment of lithium product from the company’s Finniss mine makes it Core’s first revenue achievement and a “significant milestone” in its journey to deliver sustained shareholder value.

Good infrastructure, logistics chain

The Finniss mine is located only 88km from Darwin and Core says it has “arguably the best supporting infrastructure and logistics chain to Asia of any Australian lithium project”.

Finniss is within proximity to power stations, gas and rail, and has a sealed road to the NT capital – allowing both its workforce to live in the city and the company to have access to the Australia’s nearest port to Asia.

The maiden shipment is being transported to China’s southernmost port, Fangcheng, which specialises in handling bulk carriers.

Paid for through digital exchange platform

Core received the tender in October for the DSO cargo – the negotiations concluding with the use of a digital exchange platform for the purchase.

The price paid was US$951 per dry metric tonne.

Core chief executive officer Gareth Manderson said that this first shipment of lithium product has also allowed the company to successfully commission the logistics chain linking Finniss to the Darwin Port.

“Our focus now is to safely complete construction of the dense media separation plant at Finniss to enable us to produce high-quality spodumene concentrate,” he added.

Meanwhile, Core has been continuing exploration work on ground surrounding the Finniss mine.

Last month it reported what were described as “promising” drill results at that Hang Gong, Far West and Bilatos prospects. The first two of those are adjacent to the separation plant, which is now in final stages of construction.

At Bilatos, the drilling identified shallow mineralisation that may be amenable to open pit mining.