Core Lithium Secures $10.3M Spodumene Stockpile Sale to Glencore
Core Lithium has secured a fixed-price deal with Glencore to sell its spodumene concentrate stockpile at a premium price, setting the stage for a potential operational restart at its Finniss Lithium Project.
- Binding agreement with Glencore for ~5,100 dmt spodumene concentrate
- Sale price fixed at US$2,023 per dry metric tonne (CIF China equivalent)
- Funds expected in June quarter 2026
- Sale supports logistics remobilisation ahead of restart
- ~75,000 dmt lithium fines stockpile remains available
Strategic Sale at a Strong Price
Core Lithium Limited (ASX: CXO) has taken a significant step towards reviving operations at its Finniss Lithium Project by entering into a binding agreement with global commodities giant Glencore International AG. The deal involves the sale of approximately 5,100 dry metric tonnes of spodumene concentrate stockpiled since mid-2024, when production was paused amid challenging market conditions.
The fixed price agreed upon reflects a Fastmarkets SC6 CIF China equivalent price of US$2,023 per tonne, a figure that notably exceeds the pricing assumptions used in Core’s May 2025 Restart Study by more than 50%. Payment for the sale is expected in the June quarter of 2026, providing the company with a timely cash injection to support its operational plans.
Momentum for Restart and Logistics Remobilisation
Core’s CEO Paul Brown emphasised the strategic importance of this transaction, highlighting how it not only delivers additional funding but also reactivates the Finniss logistics chain from mine site to Darwin Port. This logistical remobilisation is a critical precursor to any restart of mining activities, signalling tangible progress beyond planning stages.
Brown also pointed to the quality of the Finniss concentrate, describing it as coarse-grained and well received by offtake customers during earlier operations. This positive market reception underpins confidence in Core’s ability to secure further funding and finalise a restart decision.
Remaining Stockpile and Future Opportunities
While the spodumene concentrate stockpile has been sold, Core still holds a substantial lithium fines stockpile of around 75,000 dry metric tonnes. This material remains available for sale and represents a potential future funding source, adding flexibility to Core’s financial strategy as it navigates the path to full production.
The company’s approach reflects a measured balance between capitalising on current market strength and maintaining optionality for future sales or operational use of its stockpiled materials.
Market Context and Outlook
The lithium market has seen renewed strength recently, driven by sustained demand for battery metals amid the global energy transition. Core’s ability to secure a premium price for its concentrate stockpile is a clear indicator of this trend and bodes well for the company’s restart ambitions.
Investors and analysts will be watching closely to see how Core leverages this momentum, particularly regarding the timing of its final investment decision and the potential ramp-up of production at Finniss.
Bottom Line?
Core Lithium’s spodumene sale at a premium price injects fresh momentum into its restart plans, but the path ahead still hinges on securing further funding and market conditions.
Questions in the middle?
- What are the detailed terms and timing of the payment from Glencore?
- How will Core Lithium monetise the remaining 75,000 dmt lithium fines stockpile?
- What is the updated timeline for the Finniss Project’s operational restart?
