New reserves statement excludes smaller deposits but puts big focus on BP33
Battling miner Core Lithium has reworked its ore reserves profile as it streamlines its business in an era of downtrodden spodumene pricing, highlighting a simpler Finniss project with a notional life of just under 10 years — once it's back in production. The new reserves statement is based heavily around the BP33 deposit within the Northern Territory-based asset, which has more than tripled to 8.7 million tonnes at 1.38% lithium from its previous estimate of 3.9Mt at 1.4%.
Core has assumed a long-term spodumene price of US$1450/t for its reserve analysis. New CEO Paul Brown said the company continued to maintain the site in "good order" to get mining operations back underway as soon as market conditions improve, but it's still anybody's guess as to when this might be. In the meantime, Core's plan is to continue building out the overall Finniss resource, which stands at 48.2Mt containing more than 600,000t of lithium metal.
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