Sydney, Sep 24, 2011 (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.
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.
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About Galaxy Resources Limited
Galaxy Resources Limited (ASX:GXY) is an Australian-based integrated lithium mining, chemicals and battery company listed on the Australian Securities Exchange and is a S&P/ASX 300 Index Company. Galaxy wholly owns the Mt Cattlin project near Ravensthorpe in Western Australia where it mines lithium pegmatite ore and processes it on site to produce a spodumene concentrate and tantalum by-product. At full capacity, Galaxy will produce 137,000 tpa of spodumene concentrate and 56,000 lbs per annum of contained tantalum. The concentrated spodumene is shipped to Galaxy's wholly-owned Lithium Carbonate Plant in China's Jiangsu province. Once complete, the Jiangsu plant will produce 17,000 tpa of battery grade lithium carbonate, the largest producer in the Asia Pacific region and the fourth largest in the world.
Galaxy is also advancing plans for a lithium-ion battery plant, to produce 350,000 battery packs per annum for the electric bike (e-bike) market. The Company also has a farm in agreement with TSX-listed Lithium One Inc to acquire up to 70% of the James Bay Lithium Pegmatite Project in Quebec, Canada.
Lithium compounds are used in the manufacture of ceramics, glass, electronics and are an essential cathode material for long life lithium-ion batteries used to power e-bikes and hybrid and electric vehicles. Galaxy is bullish about the global lithium demand outlook and is positioning itself to achieve its goal of being involved in every step of the lithium supply chain.
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