Core Lithium has announced a significant increase in the total ore reserve at its BP33 lithium project, rising by an impressive 223%. This increase provides a strong foundation for the project’s restart and extends the overall operating life of the Finniss lithium operation in the Northern Territory.
BP33 Reserve Soars Amid Restart Plans
Core Lithium’s BP33 project has seen its total ore reserve grow to 8.7 million tonnes (Mt) at 1.38% lithium oxide, a 223% increase compared to previous estimates. This substantial boost highlights the potential for a longer-term operational strategy as the company focuses on restarting the project. Meanwhile, the Grants open pit ore reserve has decreased to 0.6Mt at 1.40% lithium oxide due to mining depletion and operational adjustments.
The updated reserves now bring the total for Core Lithium’s Finniss operation to 9.3Mt at 1.38% lithium oxide, with the company prioritizing the BP33 and Grants deposits as key areas of focus.
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Simpler, More Sustainable Project
Core Lithium has emphasized that the updated ore reserve supports a “simpler project” with an estimated 9.5-year operating life at a one-million-tonne-per-annum processing capacity. Chief Executive Officer Paul Brown noted that the reserve update aligns with the company’s strategy to simplify its operations and focus on higher-grade deposits.
“The updated ore reserve for our lithium assets around Finniss in the Northern Territory represents the next step in the reset of our future operating strategy,” Brown stated. “This estimate reflects changes in lithium market conditions since our last ore reserves update and is consolidated around the high-grade BP33 deposit.”
Operations Suspended but Optimism Remains
BP33 and Grants were suspended in January, with BP33’s box cut and site establishment nearly complete at the time. Despite the suspension, Core Lithium has been maintaining the site to allow for a smooth restart in the future. The company continues to explore new resources and drill for potential new deposits similar to BP33.
Brown added that the increased ore reserve supports Core Lithium’s long-term vision for a cost-effective and sustainable lithium operation. The company remains optimistic about the future as restart studies continue to refine the project’s execution plan.
Looking Ahead
With the significant increase in BP33’s ore reserve, Core Lithium is well-positioned to restart its operations and take advantage of the growing lithium market. The company is committed to advancing its strategy while exploring additional resources to further extend the life and sustainability of the Finniss lithium operation.
