Galaxy Resources Limited (ASX:GXY) Reports Mt Cattlin Production up 25% in July
Perth, Aug 10, 2011 AEST (ABN Newswire) - Lithium-focused Galaxy Resources Limited (
ASX:GXY) (PINK:GALXF) is pleased to announce further solid production performance at its Mt Cattlin spodumeme mine and processing facility near Ravensthorpe in Western Australia. Spodumene concentrate production in July totalled 8,916 wet metric tonnes (wmt), a 25% increase from the previous month.
Plant utilisation was 16% higher month-on-month at 79%. Ramp-up of the operations at Mt Cattlin continued to progress solidly.
Mining operations on site continued to provide adequate feedstock for the spodumene processing plant during the month.
Galaxy said the Mt Cattlin project was currently operating at 70-80% of annual design output tonnage and would be further optimised over coming quarters.
The Company also advised it expected to ship a third consignment of spodumene concentrate to China in September 2011, with the cargo volume to be around 20,000 tonnes.
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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