Galaxy Resources Limited Stock Market Press Releases and Company Profile
Galaxy Resources Limited (ASX:GXY) Progress Update On Development At Mt Cattlin Spodumene Project And Jiangsu Lithium Carbonate Plant
Galaxy Resources Limited (ASX:GXY) Progress Update On Development At Mt Cattlin Spodumene Project And Jiangsu Lithium Carbonate Plant

Perth, Feb 17, 2010 AEST (ABN Newswire) - Galaxy Resources Limited (googlechartASX:GXY) (googlechartPINK:GALXF) is pleased to provide an update on the development progress of its Mt Cattlin Spodumene Project and Jiangsu Lithium Carbonate Plant.

Galaxy Resources Managing Director Iggy Tan said recent marketing success, most notably the announcement of Mitsubishi Corporation as a foundation customer, highlighted the need to expedite the development of both projects to capitalise on growing global demand for lithium.

Mt Cattlin Progress

Since the commencement of earthworks in November last year, construction at Mt Cattlin has progressed rapidly with foundations and concrete works underway at the onsite processing facility.

Mr Tan said the Company was targeting commissioning and start-up of the mine by the third quarter of 2010 and remained on track to meet the milestone. "Our mining contractor, Orionstone Pty Ltd, has already mobilised its fleet at Mt Cattlin and pre-strip mining is set to commence in March, one month ahead of schedule," Mr Tan said.

"The recruitment of personnel has also ramped up in recent weeks with a senior management team in place and rental housing established to accommodate a residential workforce.

"These preparations are part of a 'Business Readiness Program' which Galaxy is implementing to ensure all business systems are in place and functioning effectively to ensure a smooth transition from construction and commissioning to startup."

Galaxy also recently announced the execution of a five year agreement with Hong Kong based shipping company Pacific Basin to export spodumene from the Esperance Port to Galaxy's downstream processing facility in China at rates half those estimated in the DFS.

Jiangsu Progress

The Company's China based Jiangsu Lithium Carbonate Plant in Jiangsu Province is also progressing rapidly with several key milestones achieved in recent weeks.

The Project Application has been approved and the Business License was issued by the Zhangjiagang Free Trade Zone authorities allowing further preparatory works to be conducted.

Mr Tan said that the achievement of these milestones in a timely fashion was a testament to the excellent relationship between Galaxy, Hatch Engineering and the Zhangjiagang authorities.

"The approval process is not delaying work on the Jiangsu site, with works including land clearing, draining and the fencing foundations all currently underway," Mr Tan said.

Detailed design work is currently being finalised by Hatch, and the commencement of construction remains on schedule for April, ahead of commissioning and plant start-up which is targeted for the final quarter of 2010.

A senior management team is already in place to oversee the Jiangsu operations and several tenders will be released later this month.

Galaxy will participate in a Foundation Day site blessing ceremony on February 21 with delegates from the Zhangjiagang authorities and the Company's Chinese investment partners, Creat Group.

The Ceremony will coincide with Chinese New Year celebrations and officially mark the commencement of foundation pilings on the site of the processing facility.

For further images and the Galaxy Resources Broadcast, please click the link below:

http://www.abnnewswire.net/media/en/docs/62290-ASX-GXY-480725.pdf

About Galaxy Resources Limited

Galaxy Resources ASX:GXYGalaxy 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.

https://twitter.com/galaxylithium https://www.youtube.com/channel/UCJbTKiHlmFIshIK3Og9r2qw https://www.linkedin.com/company-beta/12905083/ abnnewswire.com 


Contact

Iggy Tan
Managing Director
TEL: +61-8-9215-1700
MOB: +61-419-046-397



ABN Newswire
ABN Newswire This Page Viewed:  (Last 7 Days: 6) (Last 30 Days: 23) (Since Published: 2616)