Perth, Feb 13, 2009 (ABN Newswire) - Galaxy Resources Limited (ASX:GXY) has appointed risk advisory group, Noah's Rule, to assist in the next stage of project development and corporate debt raising and financial structuring.
Noah's Rules' debt advisory team will advise Galaxy through the capital raising process for the Mt Cattlin Lithium-Tantalum project. Noah's Rule team of banking, treasury and industry trained professionals have worked with a broad range of resource companies. Galaxy Managing Director, Iggy Tan, said:
"With the Definitive Feasibility Study at Mt Cattlin complete, the next stage in the process is to establish off-take partnerships and secure the capital required for the project. "We look forward to working with the Noah's Rule team as we approach the next phase in the development of the Mt Cattlin project."
Galaxy Resources Limited (ASX:GXY) is an Australian-based integrated lithium mining, chemicals and battery company listed on the Australian Securities Exchange and is a S&P/ASX 300 Index Company. 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 produce 137,000 tpa of spodumene concentrate and 56,000 lbs per annum of contained tantalum. The concentrated spodumene is shipped to Galaxy's wholly-owned Lithium Carbonate Plant in China's Jiangsu province. Once complete, the Jiangsu plant 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 for a lithium-ion battery plant, to produce 350,000 battery packs per annum for the electric bike (e-bike) market. The Company also has a farm in agreement with TSX-listed Lithium One Inc to acquire up to 70% of the James Bay 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.
Contact
Iggy Tan Managing Director TEL: +61-8-9215-1700 TEL: +61-419-046-397
Galaxy Resources Limited
