Core Lithium has experienced a “challenging” quarter, following the suspension of early works at the BP33 project and mining activities at the Grants open pit.
The lithium miner delivered 24,927 tonnes (t) in quarterly spodumene concentrate production, a 14 per cent decrease from the previous quarter.
Core said the decline was due to a five-day planned shutdown for operations maintenance but was partially offset by higher recoveries.
A total of 10,199t of spodumene concentrate was shipped and 19,756t of spodumene concentrate and 20,000t of lithium fines was made available for sale at the end of the March quarter, which has market value of about $25 million at current prices.
The spodumene concentrate and lithium fines will be sold in the June 2024 quarter. About 139,000t of ore stockpiles are also expected to be processed by the middle of 2024.
“Following the decision to cease mining in January 2024, it has been a challenging quarter for Core employees, contractors and shareholders,” Core Lithium interim chief executive officer Doug Warden said. “I’m very appreciative of the professionalism demonstrated by all involved during a difficult period.
“It was pleasing to see the continued improvement in recoveries as processing of ore stockpiles continued during the quarter. While processing of the remaining ore stockpiles is expected to be completed by June 2024, the company has developed plans to restart the Finniss operation, should the lithium price increase sufficiently to generate positive cash flow.”
Despite Core posting a reduced cash balance of $80.4 million at the end of the March quarter, Warden remains optimistic for the future.
“We are excited by the exploration results released during the quarter and the 58 per cent increase in the (Finniss) mineral resource announced after quarter end,” Warden said.
“Our 2024 exploration program will target both larger standalone deposits, as well as clusters of smaller deposits that have the potential to be mined with shared infrastructure.”
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.
