Core Lithium has awarded a A$274m ($198.5m) underground mining contract to Develop Global subsidiary Dev Mining Services for the BP33 deposit as part of the Finniss Lithium Operation.
The contract, awarded after a competitive tendering process, spans three years with an option for a two-year extension.
Core cited alignment in operational methodology, commercial structure and a skilled project team as key factors for selecting Develop Global.
The scope of work includes drill and blast, load and haul, decline development, production and ground support activities at BP33 under a structured financial schedule.
The BP33 deposit is crucial to the Finniss Lithium Operation, offering a long-term, cost-effective underground production base with an expected mine life exceeding ten years and notable exploration potential.
The underground development will occur alongside open-pit mining at the Grants deposit, supporting early cash flow generation at Finniss.
Develop Global will begin mobilisation in June 2026, with operations set to launch in July 2026.
Core has structured the contract to ensure flexibility and shared risk around operations and productivity.
According to the company's mining strategy, BP33 is projected to provide 88% of the ore feed in the initial ten years of operation.
The mineralisation occurs in a substantial sub-vertical pegmatite structure measuring 290m in length and up to 30m in width, with a steep southerly plunge extending more than 800m deep.
These features make BP33 ideal for cost-effective long hole open stoping mining techniques.
Dual level access to the ore body from the decline will enable flexible stope sequencing.
Box cut and infrastructure site works at BP33 are proceeding alongside open-pit activities at the Grants site.
Dewatering concluded in March, followed by box cut remediation and site civil works to prepare for the start of the underground decline.
Procurement of crucial long lead items has started, along with mobilisation efforts, aiming for completion by June 2026.
With all contractual conditions met, the decline works are expected to begin in July 2026.
Core Lithium managing director Paul Brown said: “The award of the BP33 underground mining contract is a major milestone in the development of Finniss and a strong endorsement of the quality of the project.”
