The Territory Labor Government has welcomed a milestone announcement today by Core Lithium, which has reached a Final Investment Decision (FID) on its Finniss Lithium Project.
The FID is the final step to locking in financial commitments for the $89 million Finniss Lithium Project, which is proposed to commence as an open cut lithium mine at Grants located along the Cox Peninsula Road, 35 kilometres west of Berry Springs.
The project estimates approximately one million tonnes of lithium-bearing ore will be mined per year over the predicted life of the mine.
The project will provide around 250 jobs for Territorians, within an hour's drive from Darwin.
Lithium is considered a critical mineral that is strategic to the global economy, particularly for new and emerging technologies such as batteries, electric vehicles, mobile phones, high-definition screen displays, solar panels, medical equipment and military technology.
The development of the Finniss Lithium Project has the potential to position the NT as a strategically important jurisdiction for the production, processing and manufacturing of critical minerals to the global market.
Access to the power station, rail and gas facilities, and one hour via sealed road to a local workforce and the Darwin Port position the project to efficiently supply key Asian and Global lithium markets, and provide scope for further down-stream processing potential within Darwin itself.
This is the second project in the Territory to reach FID this year, with the Santos Barossa Project milestone announced in March.
Quotes from Minister for Mining and Industry Nicole Manison:
"Today's milestone achieved by the Finniss Lithium Project is great news for the Territory and Territorians.
"The first three years of this project are expected to inject more than half a billion dollars into the Northern Territory's economy and create around 250 jobs for Territorians within an hour's drive of Darwin.
"The Northern Territory Labor Government is delivering on its promise to make the Territory a world-class hub for resources and critical minerals, which is cementing our position as Australia's comeback capital."
Quotes from Core Lithium's Managing Director Stephen Biggins:
"The Final Investment Decision for Finniss' development is the culmination of several years of hard work to put together a high-quality, highly prospective lithium venture that will deliver benefits for our shareholders, our employees, our partners and all our stakeholders.
"Underpinned by a high-quality mineral resource that has the potential to support an eventual mine life extension, quality lithium offtake partners and a highly engaged and supportive NT Government, Finniss will become Australia's next lithium producer.
"The FID allows the Company to finalise contracts with our partners, who will help us to safely and responsibly deliver Finniss.
"I would like to extend thanks to the NT Government for delivering on its promise that the Territory is a Tier 1 mining jurisdiction.
"The Core team looks forward to getting feet on the ground and commencing construction immediately, in line with our schedule to produce first lithium concentrate before the end of next year."
