The Core Lithium Ltd (ASX: CXO) share price is pushing higher on Tuesday morning.
At the time of writing, the lithium developer's shares are up 2.5% to $1.36.
Why is the Core Lithium share price rising?
Investors have been bidding the Core Lithium share price higher today following the release of a positive update.
According to the release, Core Lithium has been granted environmental approval for the BP33 Underground Mine at the Finniss Lithium Project in the Northern Territory.
The release notes that the grant of the environmental approval completes the environmental impact assessment process for the proposed BP33 Underground Mine. This paves the way for the company to submit its mining management plan (MMP) to the Department of Industry, Tourism & Trade (DITT) for assessment.
If all goes to plan, Core Lithium anticipates that a successful review of the MMP by DITT could result in a mining authorisation for BP33 Underground Mine being provided by mid-2022. This will be the last step in the BP33 Underground Mine approvals process.
"Exciting milestone"
Core Lithium's Managing Director, Stephen Biggins, believes this is an exciting milestone.
He commented: "The grant of environmental approval for the BP33 Underground Mine is another exciting milestone achieved by Core in the development of the Finniss Lithium Project. The BP33 Underground Mine is the second mine approved at Finniss with mining at Grants commencing in late 2021. BP33 is a higher-grade orebody than Grants with recent deep drilling supporting the interpretation that BP33 mineralisation is improving with depth."
Commenting on the grant, Northern Territory's Labor Government Minister for Environment, Eva Lawler, said: "The Territory Labor Government's reformed environment protection legislation commenced in 2020, providing Territorians with an improved environmental regulatory regime. This Environmental Approval follows a thorough assessment of potentially significant environmental impacts by the NT EPA – it is the second to be granted under the EP Act, and the first for a mine. We will continue to work with Core Lithium on this project to ensure the best outcomes."
