We attended a site tour to CXO’s Finniss Lithium Project. We were impressed by the quality of the process infrastructure on site. We expect CXO to leverage off the infrastructure footprint to re-start mining at Finniss within the next two years. Importantly, mining will pivot underground with the move set to significantly improve ore hygiene, and with the planned modifications to the process plant, deliver improved recoveries and materially lower operating costs. BP33 underpins a ten year mine life, and we see scope for an expansion of the existing capacity in conjunction with the development of the Carlton deposit. An expansion beyond ~185ktpa SC6.0 presents upside to our base case.
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