Galaxy Resources Limited (ASX:GXY) Ground Broken At The Official Opening Of Mt Cattlin Spodumene Project
Perth, Nov 6, 2009 AEST (ABN Newswire) - Galaxy Resources Limited (ASX:GXY)(PINK:GALXF) today marked the official opening of its Mt Cattlin Spodumene Project in Ravensthorpe with a Ground Breaking Ceremony attended by Hon Colin Barnett MLA, Premier of Western Australia.
Galaxy Resources Managing Director Iggy Tan said the Company was delighted to welcome the Premier to the Mt Cattlin site along with representatives from its Chinese investment partner, Creat Group, as well as industry and the local community.
"The Ground Breaking Ceremony represents an important milestone in the development of Galaxy's lithium project, with construction scheduled to commence in the coming days," Mr Tan said.
"With the project fully funded through a strategic partnership with Creat Group, and all environmental and works approvals granted, Galaxy can now focus on rapidly advancing the construction of its mine and processing facility in order to meet the forecast increase in demand for lithium.
"By 2010, the Mt Cattlin mine will be the world's second largest hard rock producer of spodumene and, through the development of its value adding lithium carbonate plant in China, the Company will be the largest and lowest cost lithium carbonate producer in Asia," he said.
Mr Tan said the Mt Cattlin Spodumene Project was an important one for Western Australia and the Ravensthorpe Esperance region.
"The rapid development of the project to the construction stage is a testament to the commitment of our team and the strong relationship between Western Australia and China, as the cornerstone investment partners in the project," Tan said.
"The project will deliver significant benefits to the Ravensthorpe-Esperance region through its residential workforce and flow on effects to local industry and businesses," he said.
The Mt Cattlin Project will produce 137,000 tonnes of spodumene concentrate per year at its onsite processing facility which will be shipped to the Company's downstream processing facility in the Jiangsu Province of China.
A large proportion of the 17,000tpa of battery grade lithium carbonate that the Company will produced in China will supply the burgeoning China market as well as the growing markets of Japan, Korea and Europe.
"With this milestone passed, construction will commence shortly on the Mt Cattlin and Jiangsu projects ensuring Galaxy is well positioned to meet the growing demand for lithium - the crucial element in the batteries powering the hybrid and electric vehicles of the future," Mr Tan said.
About Galaxy Resources Limited
Galaxy Resources Limited (ASX:GXY) (OTCMKTS:GALXF) is an international S&P / ASX 200 Index company with lithium production facilities, hard rock mines and brine assets in Australia, Canada and Argentina. It wholly owns and operates the Mt Cattlin mine in Ravensthorpe Western Australia, which is currently producing spodumene and tantalum concentrate, and the James Bay lithium pegmatite project in Quebec, Canada.
Galaxy is advancing plans to develop the Sal de Vida 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 potential as a low cost brine-based lithium carbonate production facility.
Lithium compounds are used in the manufacture of ceramics, glass, and consumer electronics and are an essential cathode material for long life lithium-ion batteries used in hybrid and electric vehicles, as well as mass energy storage systems. Galaxy is bullish about the global lithium demand outlook and is aiming to become a major producer of lithium products.
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