Core lines up first Euro­pean sales deal

The Advertiser - - BUSINESS -

ADE­LAIDE’s Core Lithium has signed a non-bind­ing agree­ment to sup­ply its first Euro­pean off­take part­ner, Transamine Trad­ing.

The term sheet – sub­ject to due dili­gence from both par­ties – paves the way for a bind­ing agree­ment later this year, which would see Core sup­ply 50,000 tonnes per an­num of lithium con­cen­trate for an ini­tial pe­riod of five years. The com­pany, which wants to be Aus­tralia’s next lithium pro­ducer, is gear­ing up to have its North­ern Ter­ri­tory mine project “con­struc­tion-ready” by the mid­dle of the year.

The com­pany last year com­pleted a de­fin­i­tive fea­si­bil­ity study on its Fin­niss Project near Dar­win, which showed that an open-pit min­ing project cost­ing $73 mil­lion would have strong cash­flow and a pay­back of just 1½ years.

Core Lithium manag­ing di­rec­tor Stephen Big­gins said Geneva-based Transamine had recog­nised the com­pany could be­come an ef­fi­cient and re­li­able sup­plier of high-qual­ity spo­dumene con­cen­trate with the sup­port of the NT gov­ern­ment.

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