MD Iggy Tan Presents at Lithium Asia Conference in Shanghai 2011
Sydney, Sep 24, 2011 AEST (ABN Newswire) - Managing Director of Galaxy Resources Limited (
ASX:GXY) (PINK:GALXF), Iggy Tan presented at the 2nd Lithium Asia Conference in Shanghai, China on 23 September 2011.
Mr Tan opened his presentation by addressing a very serious point for the health of the Chinese lithium industry.
"We believe that there is a case to answer by some lithium carbonate exporters into China, that they are involved in the practice of product dumping .
International trade law defines "dumping" as the act of a manufacturer in one country exporting a product to another country at a price which is below the price it charges in its home and other markets.
We believe some of these companies have participated in predatory pricing in China that is not consistent with their home and other markets and thereby violates international trade laws.
Their aim is to fill their excess production at any cost and to target new entrants in the China market as a form of protectionism.
You only have to see the difference in price movements of lithium carbonate vs lithium derivatives in China and you see what I mean.
You only have to see the import lithium carbonate price in China vs the lithium carbonate price in Japan and you will also see what I mean.
This issue has been raised with the China Lithium Association for further investigation. Chinese authorities should be concerned with this sort of predatory pricing which is detrimental to the country's lithium industry", said Mr Tan.
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.
| ||
|
