Galaxy Resources Limited (ASX:GXY) Quarterly Activities and Cashflow Report - September 2012
Perth, Australia (ABN Newswire) - Galaxy Resources Limited (ASX:GXY) announce Quarterly Activities and Cashflow Report - September 2012, with the following significant events.
Lithium carbonate production increases at Jiangsu
- Excellent quality performance with lithium carbonate achieving battery-grade specifications
- Jiangsu on track to be cash flow positive in Q1, 2013
- Sales Revenue of A$3.7 million (inclusive of VAT) commences for the quarter
- Development strategy and rationale for Sal De Vida outlined
- Sal de Vida DFS progressed
- Sal de Vida Environmental Impact Statement submitted
- Successful brine pump testing completed at Sal de Vida
- Working capital loan to China Construction Bank successfully re-financed
- Sales of battery grade lithium carbonate from Jiangsu Plant commences
To view the full quarterly report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-GXY-612090.pdf
About Galaxy Resources Limited:
Galaxy Resources Limited (ASX:GXY) is an Australian-based global lithium company with lithium production facilities, hard rock mines and brine assets in Australia, China, Canada and Argentina. The Company is an integrated lithium mining, chemicals and battery company listed on the Australian Securities Exchange (Code: GXY) and is a member of the S&P/ASX 300 Index.
Galaxy wholly owns the Mt Cattlin project near Ravensthorpe in Western Australia where it mines lithium pegmatite ore and processes it on site to produce a spodumene concentrate and tantalum by-product. At full capacity, Galaxy will process 137,000 tpa of spodumene concentrate which will feed the Company's wholly-owned Jiangsu Lithium Carbonate Plant in China's Jiangsu province. The Jiangsu Plant has commenced production and will produce 17,000 tpa of battery grade lithium carbonate, the largest producer in the Asia Pacific region and the fourth largest in the world.
Galaxy is also advancing plans to develop the Sal de Vida (70%) lithium and potash brine project in Argentina situated in the lithium triangle (where Chile, Argentina and Bolivia meet) which is currently the source of 60% of global lithium production. Sal de Vida has excellent promise as a future low cost brine mine and lithium carbonate processing facility.
The Company completed a feasibility study for a proposed lithium-ion battery plant, to produce 620,000 battery packs per annum for the electric bike (ebike) market. The Company also owns the James Bay (100%) Lithium Pegmatite Project in Quebec, Canada.
Lithium compounds are used in the manufacture of ceramics, glass, electronics and are an essential cathode material for long life lithium-ion batteries used to power e-bikes and hybrid and electric vehicles. Galaxy is bullish about the global lithium demand outlook and is positioning itself to achieve its goal of being involved in every step of the lithium supply chain.
Source:
Galaxy Resources Limited
Contact:
Galaxy Resources Limited
T: +61-8-9215-1700
F: +61-8-9215-1799
WWW: www.galaxyresources.com.au
