Galaxy Resources Limited (ASX:GXY) Ships First Spodumene from Mt Cattlin to China
Perth, Mar 28, 2011 AEST (ABN Newswire) - Galaxy Resources Limited (
ASX:GXY) (PINK:GALXF) is pleased to announce it has successfully loaded its first shipment of spodumene at the Bunbury Port in Western Australia. A total of approximately 6,500 tonnes of spodumene was loaded on the MV Ocean Flower bound for the Zhangjiagang Port in the Peoples Republic of China.
Galaxy Resources Managing Director, Iggy Tan, said the first shipment of spodumene was an important milestone for the company:
"This is a very exciting day for the Company and for all our operations. It is the first load of spodumene to be shipped from ur Mt Cattlin mine in Ravensthorpe and heralds the preparation of commissioning at our Jiangsu Lithium Carbonate plant in China. We are still on track to begin the commissioning and start-up of the Jiangsu plant end of second quarter."
"If we have a surplus of spodumene around the commissioning phase, we may consider selling subsequent shipments to external customers; but our priority is the Jiangsu plant."
Mr Tan said the Company shipped its first product from the Bunbury Port while it finalises shipping arrangements with the Esperance Port.
Mr Tan said the ramp up at Mt Cattlin has been progressing well, with daily spodumene production recently averaging 70% of design output.
"The Mt Cattlin management and staff are to be commended on their achievements in the early stages of the Mt Cattlin ramp-up."
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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