Australian mining company Liontown Resources has signed an agreement to divest its Bynoe lithium project tenure near Darwin in the Northern Territory to Core Exploration.

Under the agreement, Core will offer an initial payment of $3.5m followed by additional $1.5m, which is conditional on the achievement of project milestone of defining a 5Mt lithium resource on Liontown’s ground.

The acquisition is said to be adjacent to Core’s Finniss lithium project and is expected to enable the company to build an expanded project to meet the growing global lithium demand. 

Together, the projects cover an area of more than 500km² of granted tenements near Darwin.

Core Exploration managing director Stephen Biggins said: “Core’s consolidation of the large number of lithium mineralised pegmatites in the Bynoe Pegmatite Field places Core in an ideal position to take full advantage of the excellent logistics close to Darwin, Australia’s nearest port to China.

"Core is making aggressive steps to build and develop the Northern Territory’s first lithium mine."

"In light of reports this week that Chinese regulators are working on a timetable to set a deadline for automakers to end sales of fossil-fuel powered vehicles in China, similar to plans already in place in Europe, Core is making aggressive steps to build and develop the Northern Territory’s first lithium mine."

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The deal comprises tenements EL 29699, EL 30015, EL 30012, ML 16 and EML 28651. Under the agreement, Core is also expected to offer 39,232,025 shares to Liontown. 

Subject to certain ministerial approvals and consents, the transaction is set to add several lithium pegmatite targets and more than 50 pegmatite prospects to Core’s portfolio.

Exploration of Bynoe project is expected to begin immediately.