Core Lithium has approved up to $50 million expenditure for early works for the BP33 underground project – the second proposed mine at the Finniss Lithium Operation near Darwin in the Northern Territory.
Core said that development of BP33, located five kilometres from the Dense Media Separation (DMS) plant, was in line with its strategy to develop Finniss via several satellite deposits within trucking distance of the DMS plant located at the Grants Mine Operation.
Early works for BP33 underground will include the covered box cut, improved access and some associated surface works for water management.
The capital approved for these works is $45 to $50 million.
Subject to potential early wet season, modelled geotechnical and groundwater impacts, this work is expected to be complete by end of Q1 CY24.
This will allow for a detailed feasibility study to be completed in parallel and enables mine decline development to begin soon after a positive final investment decision (FID).
Following completion of the early works and subject to a positive FID and board approval to proceed with the BP33 underground mining operations, subsequent work required before BP33 ore production commences is expected to include decline development, early stope development, ventilation infrastructure, water management and power infrastructure and further civil site works.
Final capital expenditure, development and production timing for the BP33 underground mine will be completed following further studies that include the new BP33 resources, further metallurgical test work, additional geotechnical studies, mine sequencing options and cost estimates associated with a potentially extended mine area.
Core Lithium CEO Gareth Manderson said the incremental investment decision allows initial works to be undertaken while the feasibility study is completed for BP33.
“Core would like to acknowledge the support of the Government of the Northern Territory. We have been able to bring on the Finniss operations at a time in the market when it can deliver benefits for the NT and all its stakeholders due to the professional and efficient processes for approvals. The BP33 approval is another example of this.
“We will continue focus on the safe ramp up of the Grants open pit and concentrate production through the DMS plant.
“We will aim to provide final project expenditure and other project metrics once we have incorporated the increased resources into our studies by Q1 CY24.”
In March 2023, Core announced it had increased its Mineral Resources by 131% to 10.1Mt at 1.48% Li2O.
