{"id":4052,"date":"2024-01-05T05:13:50","date_gmt":"2024-01-05T05:13:50","guid":{"rendered":"https:\/\/economicherald.net\/?p=4052"},"modified":"2024-01-05T05:13:50","modified_gmt":"2024-01-05T05:13:50","slug":"core-nundrum-cxo-suspends-mining-as-lithium-prices-hit-rock-bottom","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=4052","title":{"rendered":"Core-nundrum: CXO suspends mining as lithium prices hit rock bottom"},"content":{"rendered":"

High cost producer Core Lithium\u00a0 will \u201ctemporarily\u201d suspend mining at its Finniss project in the NT
\nCXO and fellow high cost miner Sayona both well placed to weather the storm with no debt, more than $200m in the bank
\nMarket turmoil hasn\u2019t stopped heavy hitters piling into the ASX\u2019s newest lithium listing Kali Metals (ASX:KM1).
\nKM1 lists Monday 12pm eastern time<\/p>\n

\u00a0<\/p>\n

Core Lithium (ASX:CXO)<\/a> will \u201ctemporarily\u201d suspend mining at its Finniss project in the NT in efforts to keep the lights on amidst low lithium prices.<\/p>\n

As part of an ongoing review into its high-cost operations, Australia\u2019s newest spodumene miner will stop mining of the Grants open pit, with processing to continue from existing stockpiles.<\/p>\n

As previously announced, development of the 10.5Mt BP33 underground mine will be put on ice, and discretionary spend including studies, exploration and corporate costs will be reduced.<\/p>\n

With $202m in the bank at the end of September and no debt, CXO is in a far stronger position than the heavily indebted lithium mining stocks who went bankrupt<\/a> during the last boom and bust<\/a>.<\/p>\n

The cash would\u2019ve provided another 5.6 quarters of funding, pre strategic review. CXO is hoping to make it last a while longer.<\/p>\n

\u201cWhile suspending mining operations is a difficult decision, processing of ore stockpiles will continue to generate revenue and we will focus on managing our cash reserves prudently,\u201d CEO Gareth Manderson says.<\/p>\n

\u201cWe are working to put the business in the best position possible to recommence mining and proceed with BP33 when market conditions improve.\u201d<\/p>\n

\u00a0<\/p>\n

Fellow high cost miner Sayona still ramping up<\/h2>\n

Sayona (ASX:SYA)<\/a> completed a strategic review of its own on 9 November, which culminated in a \u20185 pillar strategy\u2019 light on details.<\/p>\n

Unlike CXO, SYA says it will continue to ramp up towards nameplate production at the North American Lithium (NAL) operation in Canada \u201cwith a strong focus on cost management and resolving process limitations\u201d.<\/p>\n

The historically troubled NAL hard rock operation bankrupted previous owners in 2014\u00a0and<\/em>\u00a02019 but, like CXO, SYA had a comfy $233m cash cushion and no\/very little debt at the end of September.<\/p>\n

The CXO and SYA share prices have been hammered over the past year, down 79% and 70% respectively.<\/p>\n\n

\ufeff<\/span><\/span>\u00a0<\/p>\n

Popular lithium IPO shows sentiment could be worse<\/h2>\n

Market turmoil hasn\u2019t stopped heavy hitters piling into the ASX\u2019s newest listing, Goldfields\/ Pilbara focused Kali Metals (ASX:KM1).<\/p>\n

The spinout of gold explorer Kalamazoo Resources (ASX:KZR)<\/strong><\/a> counts $1bn capped gold miner Karora Resources (TSX:KRR) and MinRes boss Chris Ellison as major shareholders.<\/p>\n

It hits the bourse 12pm eastern on Monday. Stay tuned.<\/p>\n\n

<\/span>\u00a0
\n<\/span><\/p>\n

The post Core-nundrum: CXO suspends mining as lithium prices hit rock bottom<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

High cost producer Core Lithium\u00a0 will \u201ctemporarily\u201d suspend mining at its Finniss project in the NT CXO and fellow high cost miner Sayona both well [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":4053,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4052","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nCore-nundrum: CXO suspends mining as lithium prices hit rock bottom - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=4052\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Core-nundrum: CXO suspends mining as lithium prices hit rock bottom - 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