Core Lithium has awarded the $45 million BP33 early works package to Northern Australia Civil (NAC), a civil construction company local to the Northern Territory.
Core Lithium announced the launch of a fully underwritten institutional placement to raise $100 million and a share purchase plan worth $20 million on August 16. It said that $45–$50 million would be allocated to BP33’s early works.
A day later, the company announced that the $100 million fully underwritten institutional placement had been successfully completed.
The early works that NAC will now carry out at the BP33 project, which is the second proposed mine at the Finniss lithium project, includes excavating and constructing a covered box cut, which is the entrance to the underground mine.
The BP33 project is expected to employ 60 people during construction and around 150 people during operations.
“The Finniss lithium operation is stimulating interest, investment and growth in the Northern Territory’s rapidly growing critical minerals sector, putting us on the map,” NT Mining and Industry Minister Nicole Manison said.
“Local spend on this project has already exceeded $120 million, with enormous local economic benefits for the top end and the wider Northern Territory. To have a local company like NAC responsible for the civil works, is great for local jobs, supply chains and our Territory economy.”
Core Lithium is expected to allocate $20–25 million towards 2024 financial year (FY24) plant optimisation works and Finniss sustaining capital, $35–$40 million towards FY24 exploration and study expenditure, and allocating up to $5 million towards general corporate purposes and working capital, under the placement.
Core Lithium started early works at the BP33 project in early August.