Lithium

Core Lithium rallies on appointment of new CEO

Fri 05 Aug 22, 4:45pm (AEST)
A floor painting in the style of carpark demarcation depicts a car with an electrical cable protruding out of the rear of a passenger vehicle
Source: Unsplash

Stocks in article

cxo
MktCap:
-
rio
MktCap:
-

Commodities in article

Share article

Key Points

  • Ex-Rio exec Gareth Manderson takes top job at Core Lithium
  • Core Lithium’s share price has been on an upward trajectory since a string of positive announcements that kicked off three weeks ago
  • The company’s share price is up 309% in one year

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.

image
Core Lithium share price over 12 months.

 

Written By

Mark Story

Editor

Mark is an investigative financial journalist and editor who started his career working for Marathon Oil in London. He has a degree in politics/economics and a diploma in journalism. Mark has worked on 70-plus newspapers and financial publications across Australia, NZ, the US, and Asia including: The Australian Financial Review, Money Magazine, Australian Property Investor and Finance Asia. Mark is passionate about improving the financial literacy of all Australians through the highest quality content. Email Mark at [email protected].

Get the latest news and media direct to your inbox

Sign up FREE