Galaxy Resources Limited (ASX:GXY) Environmental Approval Received For Jiangsu Lithium Carbonate Plant
Perth, Nov 13, 2009 AEST (ABN Newswire) - Galaxy Resources Limited (ASX:GXY)(PINK:GALXF) today announced that it has received the Environmental Approval for its Jiangsu Lithium Carbonate Plant. The final Environment Approval Report has been approved by the Jiangsu Province Environmental Bureau. This approval is an important step toward full project approval for the Company's Jiangsu Lithium Carbonate Plant.
The environmental approval application required extensive testing and the submission of a detailed report which was compiled by a qualified competent organisation and was assessed by an expert review panel. The process also required the project to be publicly advertised twice as a condition of the approval. The Zhangjiagang Industrial Park where the Jiangsu plant is situated has very tight environmental regulations having won awards for eco friendly development.
The Galaxy Jiangsu Plant is expected to have a small environmental footprint. Process water requirements will be met through consumption of process steam condensate, energy efficiency will be enhanced through the use of waste heat where possible and liquid effluents will be minimal.
The residue remaining after lithium has been extracted from the spodumene raw materials will be sold to the building industry as a raw material and the sodium sulphate that is generated as a by-product of the lithium carbonate will be sold to the detergent and textile industries.
Environmental Approval is a pre-requisite for the assessment of the Safety and the Energy applications by separate expert review panels. Those applications are now being assessed.
The Project Application Report (PAR) will be submitted for approval once those applications have been approved. Based on the anticipation of prompt assessments, the PAR will be submitted in November 2009 for assessment during early December. The business licence for Galaxy Lithium (Jiangsu) Company Limited can be granted upon completion of the PAR assessment.
Galaxy Resources Managing Director Iggy Tan said that the Company welcomes the environmental approval for the Jiangsu project and looks forward to promptly meeting the next component of the approvals process.
"The progress with project approvals for the Jiangsu Plant means that the Company is on track to achieve first production of lithium carbonate in Q4 2010," 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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