Core Lithium (ASX:CXO) will “temporarily” suspend mining at its...

Core Lithium (ASX:CXO) will “temporarily” suspend mining at its Finniss project in the NT in efforts to keep the lights on amidst low lithium prices.As part of an ongoing review into its high-cost operations, Australia’s newest spodumene miner will stop mining of the Grants open pit, with processing to continue from existing stockpiles.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.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 during the last boom and bust.The cash would’ve provided another 5.6 quarters of funding, pre strategic review. CXO is hoping to make it last a while longer.“While 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,” CEO Gareth Manderson says.“We are working to put the business in the best position possible to recommence mining and proceed with BP33 when market conditions improve.
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