Core Lithium has awarded a $274 million underground contract to Dev Mining Services, a subsidiary of Development Global, for its BP33 deposit at the Finniss Lithium Operation in the Northern Territory.
“The award of the BP33 underground mining contract is a major milestone in the development of Finniss and a strong endorsement of the quality of the project,” Core managing director Paul Brown said.
“BP33 is expected to deliver the majority of ore feed over the first 10 years of operation and is a key driver of Finniss’ significantly improved cost profile and economics.”
The agreement covers an initial three-year term, with an option to extend for a further two years, as Core advances underground development at BP33 ahead of works beginning in July.
“The award to [Dev Mining Services] reflects the strength of their technical capability, underground mining experience, understanding of the BP33 ground conditions and alignment with Core’s productivity and delivery targets.”
The scope of the works includes drill and blast, load and haul, decline development and ground support activities associated with underground mining at BP33. Core said the development will progress alongside production at the nearby Grants open pit to support a staged ramp-up and earlier cash generation at Finnis.
“Considerable progress has been made since the final investment decision and funding package for Finniss were announced in mid-March, with activity advancing at Grants, sales completed from our concentrate and fines stockpiles, and the reactivation of our logistics chains,” Brown said.
Core is targeting first spodumene concentrate production in the December quarter later this year, with the first ore from BP33 expected in mid-2027 before ramping up to nameplate production mid-2028.