The Finniss Lithium Project has completed its first product test work and has confirmed that it is producing “battery-grade” lithium hydroxide monohydrate. The Australian Nuclear Science and Technology Organisation carried out tests from a sample of its product and successfully extracted over 95 per cent of lithium on two-kilogram samples of blended concentrate in two separate tests.
The Finniss Lithium Project is operated by Core Lithium and the company aims to have the project at the “forefront” of lithium production in the world. The project is located in the Northern Territory and is within 25 km of the port, power station, gas, rail, and one hour by sealed road to the workforce accommodated in Darwin. The Finniss Lithium Project was also awarded Major Project Status by Australia’s federal government.
Core Lithium reports that it aims on completing its definitive feasibility study for the Finniss Lithium Project and finalising off-take negotiation deals. The final investment decision is expected in the third quarter of 2021.
Australia is the world’s leading producer of lithium having a number of mines concentrated in Western Australia. The Finnis Lithium Project is the first lithium mine to be approved outside the state. Global lithium consumption is projected to rise around 750,000 tonnes by 2025 due to increased electric vehicle uptake and the expansion of big batteries. This highlights the need to scale up lithium production in Australia and other parts of the world.