Galaxy Resources Limited Exports Second Shipment of Spodumene to China
04.07.2011 | ABN Newswire
08:26 AEST July 4, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.Perth, Australia (ABN Newswire) - Galaxy Resources Limited (ASX: GXY) (PINK: GALXF) is pleased to announce it has exported a second shipment of spodumene product from its Mt Cattlin project to China.
Approximately 19,200 tonnes of spodumene was loaded on the MV Karine bulker at the Bunbury Port on 30 June 2011 bound for the Port of Zhangjiagang in the People's Republic of China.
Galaxy produces spodumene concentrate at its Mt Cattlin mine and plant near Ravensthorpe. Spodumene is converted into lithium carbonate, a key ingredient in lithium-ion batteries.
Galaxy Resources Managing Director, Iggy Tan, said the MV Karine was slightly delayed in arriving at the Bunbury Port, however it allowed Galaxy to increase the volume of its shipment by over 2,000 tonnes.
'Production at Mt Cattlin has continued to perform strongly, which allowed us to increase the volume of our second shipment. In the current market, the commercial value of the shipment is in excess of US$4.5 million,' Mr Tan said.
About Galaxy Resources Limited:
Galaxy Resources Limited (ASX: GXY) (PINK: GALXF) is an international S&P / ASX 300 Index company which plans to become one of the world's leading producers of lithium compounds – the essential component for powering the world's fast expanding fleet of hybrid and electric cars.
Galaxy wholly-owns and operates the Mt. Cattlin mine, which is currently producing spodumene concentrate. Galaxy's Jiangsu lithium carbonate plant, once completed, will have a design capacity of 17,000 tpa of lithium carbonate, which Galaxy expects would make it one of the largest plants in China converting hard rock lithium mineral concentrates into lithium compounds and chemicals.
Lithium compounds such as lithium carbonate are forecast to be in high future demand due to advances in long life batteries and sophisticated electronics including mobile phones and computers.
Galaxy Resources has positioned itself to meet this lithium future by not only mining the lithium, but also by downstream processing to supply lithium carbonate to the expanding Asian market.
Contact:
Iggy Tan
Managing Director
Galaxy Resources Limited
Tel: +61-8-9215-1700
Email: ir@galaxylithium.com
http://www.galaxylithium.com