Galaxy Resources Limited - Loan Facility Drawdown Completed
22.09.2010 | ABN Newswire
09:02 AEST Sept 22, 2010 ABN Newswire (C) 2004-2010 Asia Business News PL. All Rights Reserved.Perth, Australia (ABN Newswire) - Emerging lithium producer, Galaxy Resources Limited (ASX: GXY) (PINK: GALXF), is pleased to announce that the project loan facility has been fully drawn.
The Company has now received the full US$105 million from the syndicate banks, China Development Bank (CDB) and Austrian bank, Raiffeisen Zentralbank Österreich AG (RZB), in its loan facility disbursement account.
Drawdown funds will be used to continue the construction of both the Mt Cattlin and Jiangsu projects and repay any outstanding bridging loans.
About Galaxy Resources Limited:
Galaxy Resources Limited (ASX:GXY) (PINK:GALXF) is an emerging mining and chemical company focusing on lithium and tantalum production. Galaxy is at an advanced stage of developing its Mt Cattlin Lithium Project (hard rock spodumene) in Ravensthorpe, Western Australia. The Project encompasses a mine and minerals plant which will produce 137,000 tpa of 6% Li2O spodumene concentrate. Galaxy intends to add value to the Mt Cattlin Project by establishing its own downstream lithium processing facilities in China.
The Company is finalising plans to establish a lithium carbonate chemical facility in Jiangsu Province, producing 17,000 tpa of lithium carbonate.
Contact:
Iggy Tan
Managing Director
Galaxy Resources Limited
Tel: +61-8-9215-1700
Mob: +61-419-046-397
http://www.galaxyresources.com.au