Galaxy Resources Limited (ASX:GXY) Included In The World First Lithium Focused Exchange Traded Fund
Perth, July 28, 2010 AEST (ABN Newswire) - Emerging lithium producer, Galaxy Resources Limited (
ASX:GXY) (PINK:GALXF), has been included in the world's first lithium focused Exchange Traded Fund (ETF).
The fund, launched by New York based investment manager Global X Funds, is the first fund of its kind that provides investors with an opportunity to gain exposure to fast growing lithium sector.
The basket of lithium-related equities included in the fund gives investors access to the complete lithium value chain, from mining and refining through to lithium battery production.
Galaxy Resources Managing Director, Mr Iggy Tan, said he was pleased Galaxy had been selected in the world's first lithium ETF.
"Galaxy's inclusion makes sense given the Company's commitment to creating value further down the lithium supply chain," Mr Tan said.
"We are now producing ore from our mine and making strong progress on the construction of our downstream processing facility which will produce lithium carbonate to sell as high grade feedstock for battery producers.
Mr Tan said the first ETF was a positive development for the entire sector as it provides recognition of lithium's growing appeal as an investment opportunity.
"Global lithium carbonate production has recovered significantly since the Global Financial Crisis and is only going to increase further as the push towards 'green' transport solutions such as electric cars and E-bikes gained momentum," he 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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