The Core Lithium Ltd (ASX: CXO) share price is roaring higher amid news the company is relocating west.
The lithium favourite is shifting its head office from Adelaide to Perth in a bid to better its foothold in the mining industry. It has also welcomed two new executives to its ranks.
Right now, the Core Lithium share price is soaring 4.56%, trading at $1.26. And it's not the only lithium stock posting notable moves today.
The IGO Ltd (ASX: IGO) share price is up 1.5% after the company announced its plan to partially take over fellow lithium stock Essential Metals Ltd (ASX: ESS). Meanwhile, shares in Mineral Resources Ltd (ASX: MIN) are gaining 2.8% amid the revelation of its new 16% stake in takeover target Warrego Energy Ltd (ASX: WGO).
For comparison, the S&P/ASX 200 Index (ASX: XJO) has risen 0.88% at the time of writing, while the company's home sector – the S&P/ASX 200 Materials Index (ASX: XMJ) – has lifted 1.39%.
Let's take a closer look at the latest from the ASX 200 lithium favourite.
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Core Lithium announces move to Western Australia
The Core Lithium share price is surging on Monday. Its gain follows news the company will move its headquarters to Perth – dubbing the Western Australian capital "the corporate centre of Australia's lithium industry".
The shift is expected to provide better access to mining services providers and a larger talent pool while retaining a direct route to the company's Finniss Project, located near Darwin.
A Perth-based office is expected to be established by mid-2023, with the Adelaide headquarters tipped to close by the end of the year.
Core Lithium CEO Gareth Manderson commented on the move, saying:
Perth has become Australia's lithium hub … Relocating the corporate head office to Perth makes sense for Core and forms part of our broader strategy to build a sustainable, value-driven lithium business.
All of the company's Adelaide-based employees have been given the option to relocate.
The ASX 200 lithium favourite has appointed Melissa Winks as executive general manager of sustainability – a newly created position that reflects the company's "commitment to sustainable practices".
Additionally, it announced Andrew Forman would join the company as interim chief financial officer (CFO).
Forman will work alongside current CFO Simon Iacopetta to complete a handover before his February appointment. Iacopetta announced his intent to step down in November.
The company expects to appoint a permanent Perth-based CFO by mid-2023.
Core Lithium share price snapshot
The Core Lithium share price was one of the ASX 200's best performers of 2022. And, by the looks of things, 2023 could be another big year for the stock.
The lithium share rose 73% over the course of last year. If that wasn't enough, it's gained another 23% since 30 December.
For comparison, the ASX 200 fell around 5% last year and has lifted 1% since the final close of 2022.
