Galaxy Resources Limited (ASX:GXY) Expects Jiangsu Lithium Carbonate Project to Be Completed Ahead of Revised Schedule
Perth, Nov 15, 2011 AEST (ABN Newswire) - Galaxy Resources Limited (
ASX:GXY) advises that final-stage construction of its wholly-owned Jiangsu Lithium Carbonate Project (Jiangsu or the Project) in China is expected to be mechanically completed by the end of November 2011, a month ahead of the revised schedule.
Galaxy said the construction effort at Jiangsu had been accelerated and progress was better-than-expected.
Under a revised project schedule, announced July 2011, Galaxy had targeted completion by the end of Q4 2011.
Galaxy Resources Managing Director, Iggy Tan, said the strong workforce on site at Jiangsu contributed to the Project's better-than-expected development.
"The Jiangsu construction workforce has swelled to around 900 during day shift and up to 290 on night shift, which has been critical to the final stages of project completion. Costs continue to track in line with our previously stated budget target," Mr Tan said.
Galaxy said cold commissioning will occur for at least two months after the Project is mechanically completed.
"The Company is processing applications for final production approvals and licenses with relevant government departments and is targeting first production during first quarter of 2012," 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.
| ||
|
