Galaxy Resources Limited (ASX:GXY) Signs Tantalum Concentrate Sales Agreement
Perth, Dec 17, 2010 AEST (ABN Newswire) - Galaxy Resources Limited (
ASX:GXY) (PINK:GALXF) ("Galaxy") wishes to present an update of the company's Jiangsu Lithium Carbonate Project in Jiangsu, PRC.
- No lost time injuries recorded at Jiangsu site since commencement of the project
- All roads on site completed
- Foundation piling for most areas of the plant and pipe-racks completed
- General contracted works focusing on building steel structures for both the maintenance and office buildings in progress
- Cladding for lithium packaging and warehouse in progress
- First two kiln shells for Area 20 delivered
- Fabrication of major equipment complete, including sulphating mixer and ball mill
- Award of contracts for the calcination, sulphation and drying Installation, thickeners, belts filters and ion exchange columns
- Revised construction permit and planning permit received
Galaxy's Lithium Carbonate Project is progressing in line with statements made in its last quarterly report.
Galaxy's Managing Director Iggy Tan said: "At this stage, construction is progressing well and the project is tracking as planned. There are some scheduling issues to manage around Chinese New Year and the Hatch/Galaxy team are working very hard to ensure all suppliers meet their agreed timeframes. The lithium carbonate plant is on track for commissioning and start-up in Quarter 2, 2011."
"The first shipment of spodumene from Mt Cattlin to an external lithium carbonate producer in China is now scheduled for early in the first quarter of 2011. The revised schedule is due to delays in receiving the necessary approvals for Esperance port as well as the ramp up at Mt Cattlin plant being slower than expected".
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.
| ||
|
