Galaxy Resources Limited (ASX:GXY) Project Approval And Business Licence Received For China Lithium Carbonate Plant
Perth, Feb 11, 2010 AEST (ABN Newswire) - Galaxy Resources Limited (
ASX:GXY) (PINK:GALXF) is pleased to announce it has received the Project Approval and Business Licence for its China Lithium Carbonate Plant in Jiangsu Province.
Both approvals were granted by the Jiangsu Province Administration Bureau for Industry and Commerce and represent the final key milestones for the Company's Lithium Carbonate plant development.
Galaxy Resources Managing Director, Mr Iggy Tan, said that the Company had met all of the important milestones for the Jiangsu approval process in a timely manner. While the Business Licence was granted 10 days behind our stated schedule, the minor delay will not impact the overall project schedule ensuring Galaxy is still on track to have the Lithium Carbonate Plant commissioned during Q4 2010.
"The Company is very proud of the overall timeframe it has achieved in receiving the Business Licence for Galaxy's wholly owned foreign Chinese subsidiary company," Mr Tan said.
"Our excellent relationship with the Zhangjiagang Free Trade Zone (ZFTZ) authorities and the project approval management expertise of Hatch China are some of the key reasons for the timely issue of the Business Licence.
"The approval process is not delaying work on the site, as preparation works for the Plant are already well underway.
"Galaxy has been granted permission from the ZFTZ authorities to commence the plant foundation piling at the end of February in time for the construction in April 2010," he said.
A ceremony will be conducted at the Zhangjiagang site, Jiangsu Province on February 21 to bless the site and to officially mark the commencement of the Lithium Carbonate Project.
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.
| ||
|
