By Stuart Condie
SYDNEY–Core Lithium shares are on course for their largest one-day fall since November after the Australian miner said fiscal 2024 production would be lower than feasibility studies had indicated.
Shares were down 13% at 76 Australian cents (51.2 U.S. cents) early Monday after Core Lithium said it expects to produce 80,000-90,000 metric tons of spodumene concentrate over the 12 months through June 2024. It cited lower lithia recoveries, a revised mine plan and more conservative assumptions following recent wet weather.
The 2021 definitive feasibility study for Core’s Finniss lithium project in northern Australia flagged average annual production of 175,000 metric tons over an eight-year lifespan.
“We are working through a suite of improvement projects to drive Finniss operating performance to deliver higher mining rates, improve lithia recoveries and commercialize,” Chief Executive Gareth Manderson said.
Core also said overall production for fiscal 2025 would be down on fiscal 2024 due to a three-month gap in ore-feedstock supply and processing plant capacity constraints.
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