Core Lithium restarts Northern Territory mine as lithium price booms
Australian miner Core Lithium is restarting its Finniss operation in the Northern Territory after a sharp rebound in lithium prices. The company says the global battery-demand recovery has made the project economic again.
Core Lithium has announced it will restart its Finniss mine in the Northern Territory, which it had idled in early 2024 because of weak prices. In its statement, the company said lithium carbonate prices have roughly doubled per tonne over the past six months, restoring the project's economics.
Finniss is located near Darwin and is strategically placed for shipping feedstock through the port into Asian battery supply chains. The company said it has signed agreements with local employment offices to rebuild the workforce, with production to be ramped up by year-end.
The lithium price recovery is being driven by Chinese electric-vehicle sales growing at over 20% year-on-year and rapid deployment of battery energy storage systems (BESS). Other major Australian producers are also reassessing previously paused projects.
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