Galaxy Resources Limited (ASX:GXY) Exports Second Shipment of Spodumene to China
Perth, July 4, 2011 AEST (ABN Newswire) - Galaxy Resources Limited (
ASX:GXY) (PINK:GALXF) is pleased to announce it has exported a second shipment of spodumene product from its Mt Cattlin project to China.
Approximately 19,200 tonnes of spodumene was loaded on the MV Karine bulker at the Bunbury Port on 30 June 2011 bound for the Port of Zhangjiagang in the People's Republic of China.
Galaxy produces spodumene concentrate at its Mt Cattlin mine and plant near Ravensthorpe. Spodumene is converted into lithium carbonate, a key ingredient in lithium-ion batteries.
Galaxy Resources Managing Director, Iggy Tan, said the MV Karine was slightly delayed in arriving at the Bunbury Port, however it allowed Galaxy to increase the volume of its shipment by over 2,000 tonnes.
"Production at Mt Cattlin has continued to perform strongly, which allowed us to increase the volume of our second shipment. In the current market, the commercial value of the shipment is in excess of US$4.5 million," Mr Tan 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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