Core Lithium rallies on appointment of new CEO

Core Lithium (ASX: CXO) was up 6.20% at the close after the lithium miner announced the appointment of Gareth Manderson to the top job, effective Monday.

Former Rio Tinto (ASX: RIO) general manager of sustaining capital, Manderson replaces CEO Stephen Biggins who announces his resignation in March.

Briggins is expected to continue as a director until the changeover of leadership is complete.

Given Rio’s exploration into lithium tenements in the Darling Range near Perth, north of the world’s biggest lithium mine at Greenbushes, Manderson is clearly no stranger to future-facing metals like lithium.

Rio plunged further into lithium with its March $1.1bn acquisition of Rincon project in Argentina, following the blocking of its Jadar lithium project in Serbia.

Upward trajectory

Dubbed Australia’s newest lithium miner, Core Lithium’s share price has been on an upward trajectory since a string of positive announcements that kicked off three weeks ago.

Mid-July the company announced a mineral resource estimate increase of 28% to 18.9Mt at 1.32% lithium oxide (Li2O).

Late-July the company advise that construction and mining activities are progressing well at its wholly owned Finniss Lithium Project, located near Darwin, with development on schedule for first export of lithium by the end of 2022.

Early this week, the company updated on recent exceptional drilling results and exploration activities at the BP33 Deposit.

A total of three deep diamond drill holes have intersected the main BP33 mineralisation at depths of up to 470m below surface.

The company’s share price is up 309% in one year.

Core Lithium share price over 12 months.