ASX: CXO and LTR Announce Significant Developments in Lithium Mining Sector

Two major Australian lithium mining companies, Core Lithium Ltd (ASX: CXO) and Liontown Resources Limited (ASX: LTR), have reported noteworthy progress in their respective lithium mining operations.

Core Lithium's BP33 Sees Substantial Increase in Mineral Resource

Australian lithium miner, Core Lithium Ltd, is thrilled to announce a substantial upgrade to the Mineral Resource Estimate (MRE) at BP33, a crucial deposit for the Finniss Lithium Operation in the Northern Territory. This development comes as the company progresses its early works program and an updated feasibility study for BP33.

Thanks to resource definition drilling at BP33 in 2023, the Mineral Resource tonnage and grade have increased significantly. The drilling program aimed to enhance the proportion of Measured and Indicated resources within the existing BP33 orebody, and the results were in line with expectations. Notably, there is now 9.36 million tonnes of the Mineral Resource within the Measured and Indicated categories, boasting a grade of 1.52% Li2O, representing 89% of the total current Mineral Resource Estimate. These increases pave the way for potential conversion into BP33 Ore Reserves and will inform the mine design for the updated feasibility study currently underway.

Core Lithium CEO, Gareth Manderson, expressed his enthusiasm for these results, underscoring the significance of the upgrade for the feasibility study and the development of the BP33 mine plan. Core Lithium remains on schedule to make a Final Investment Decision for BP33 in early 2024.

Albemarle Withdraws Proposal to Acquire Liontown Resources

In a separate development, Liontown Resources Limited (ASX: LTR) reported that Albemarle Corporation has withdrawn its non-binding indicative proposal to acquire all outstanding shares in Liontown for $3.00 per share via a scheme of arrangement. Albemarle cited growing complexities associated with executing the transaction as the reason for its decision. Liontown remains committed to delivering its flagship Kathleen Valley Lithium Project into production, maximizing the potential from its assets, and creating long-term value for shareholders.

The Liontown Managing Director and CEO, Tony Ottaviano, acknowledged Albemarle's decision and expressed the company's determination to maintain momentum on its base plan, with the goal of achieving first production from the Kathleen Valley Project in mid-2024.

These developments in the Australian lithium mining sector highlight the continued growth and significance of the lithium market as clean energy demands drive the need for lithium-ion batteries. Both companies remain committed to advancing their projects and contributing to the clean energy revolution.

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