Galaxy Resources Limited (ASX:GXY) Second Lithium Shipment Ahead Of Schedule
Sydney, June 3, 2011 AEST (ABN Newswire) - Galaxy Resources Limited (
ASX:GXY) (PINK:GALXF) is pleased to announce that recent solid production at its Mt Cattlin spodumene project near Ravensthorpe in Western Australia has allowed for the re-scheduling of its second shipment of spodumene to China to mid June 2011, a month earlier than expected.
Production at Mt Cattlin totalled 12,778 tonnes of spodumene for April and May 2011, with May's production accounting for 7,185 tonnes. The plant produced 3,891 tonnes in the last fortnight, which represents around 75% of its annual design rate.
Plant utilisation has also improved dramatically, with the company reporting above-budget utilisation rates, with the concentrator averaging an on line utilisation of 84% (compared with design of 85%) in the last fortnight.
The mining operation provided sufficient ore on the ROM pad at above-design grades over the period. The crushing plant has also performed well and has mostly operated above design rates.
In addition to the revised shipment timetable, Galaxy has increased the shipment's volume to 17,000 tonnes from 12,000 previously. The "MV Karine Bulker" has been booked to transport the product to the Port of Zhangjiagang in China. As with the initial shipment, Galaxy expects to ship its second load of product from the Bunbury Port as it finalises long term export arrangements with the Port of Esperance.
Galaxy Resources Managing Director, Iggy Tan, said he's pleased to report the growth in production at Mt Cattlin: "We have reached a stage where the Mt Cattlin operation is established, stable and consistent. The whole operation is performing solidly, thanks to the persistent hard work of our Mt Cattlin team."
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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