Core Lithium Keeps Finniss Mine Idle Through 2025 Amid Market Glut

Core Lithium

Company Launches Restart Study While Exploration at Blackbeard Reveals Promising Lithium Grades Near Processing Plant

Finniss Mine to Stay Shut While Restart Study Continues

Core Lithium will keep its Finniss lithium mine in Australia’s Northern Territory on care and maintenance for most of 2025, as it awaits the results of a restart feasibility study by the fourth quarter. The company is reviewing pathways to reduce costs, enhance operational efficiency, and improve sustainability, according to its latest annual report.

As of 31 December 2024, Core reported holding $5.5 million worth of stockpiled lithium ore, reflecting a persistently oversupplied global lithium market.

Losses Narrow as Site Upgrades Move Forward

After incurring a $167.6 million loss in the first half of 2024, Core shut down Finniss, its flagship project, in June. However, by year-end, losses had been reduced to $17.2 million, with much of the expense tied to capital upgrades and exploration.

Core purchased power generators, replacing leased infrastructure, and invested in new water management systems and mine repair efforts. These initiatives aim to position the project for long-term resilience once lithium market conditions improve.

“We are committed to ensuring the Finniss Project is in the best possible position for a successful restart when market conditions allow,” said chairman Greg English.

Exploration Results Highlight Resource Expansion Potential

Despite halting production, Core maintained momentum on exploration. The company conducted drilling campaigns at two sites: Blackbeard Lithium and Shoobridge Gold. At Blackbeard, drilling intersected 1.67% lithium from depths between 63m and 166m, with results showing a consistent presence of high-grade mineralisation.

Importantly, the Blackbeard site is located just 20km from the Finniss processing plant, allowing for future operational integration if mining progresses.

“High-grade lithium-bearing pegmatites at mineable widths highlight the opportunity to expand Finniss’ lithium resources,” English noted.