Galaxy Resources Limited (ASX:GXY) Completes Third Spodumene Shipment
Perth, Jan 5, 2012 AEST (ABN Newswire) - Galaxy Resources Limited (
ASX:GXY) is pleased to announce the completion of its third shipment of spodumene to China on 24 December 2011.
The product totalling around 31,000 tonnes sailed from Bunbury Port on the MV Signe Bulker to Jiangsu, China, and will be important feedstock for the start up of the Jiangsu Lithium Carbonate Project. The shipment will also be used to commission the ship unloading and over-land conveyor system to the plant. The Company has contracted wharf owner Two Lions Logistics Co ("Two Lions") to unload the spodumene feedstock to the plant site. Two Lions was also responsible for the extension of the over-land conveyor to the plant site in late 2011.
Managing Director Iggy Tan said that the Company selected the current location for the lithium carbonate plant because of the highly efficient unloading infrastructure, about 500 metres away from the site.
"This is a clear advantage over the current Chinese lithium carbonate producers who are generally inland and have to transport their spodumene feedstock across the country before processing into lithium carbonate product," he 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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