Tienen Sal de Vida, 100% de Galaxy, vale una pasta. La empresa irá a mejor y per actual 11 sin contar la explotación en el triángulo del litio, en Argentina
Galaxy eyes development options for Argentine project
Stuart McKinnon
Tuesday, January 03, 2017 4:34AM
Galaxy Resources corporate development director Nick Rowley, operations general manager Derek Bryne, managing director Anthony Tse and principal metallurgist Erin Ireland at the Esperance port with the NY Trader in the background.
Image: Galaxy Resources corporate development director Nick Rowley, operations general manager Derek Bryne, managing director Anthony Tse and principal metallurgist Erin Ireland at the Esperance port with the NY Trader in the background.
Galaxy Resources has hosed down speculation that it is considering the sale of a stake in its Sal de Vida lithium project in Argentina as it announced the first shipment of lithium concentrate from its recommissioned Mt Cattlin project near Ravensthorpe.
The company called a trading halt in its shares this morning to respond to a media report that it could sell a stake in the $1.9 billion project as part of a broader plan to fund its development.
“As announced previously, Galaxy is considering the various development options for its assets including the Sal de Vida project,” the company said in a statement.
“This evaluation process is ongoing.
“At this stage there is nothing material to report, and Galaxy will update the market as required.”
Galaxy says the Sal de Vida (Salt of Life) deposit is one of the world’s largest and highest quality undeveloped lithium brine deposits with significant expansion potential.
It claims the project has the potential to generate total annual revenues of about $US215 million and operating cashflow before interest and tax of $US118 million a year at full production rates.
Lithium concentrate loading onto the the NY Trader 1.
Image: Lithium concentrate loading onto the the NY Trader 1.
Galaxy also advised the market this morning it had loaded about 10,000 metric tonnes of lithium concentrate onto the NY Trader 1 vessel at the port of Esperance bound for the port of Lianyungang in China.
Customer, Mitsubishi, is expected to pay Galaxy about $6 million for the shipment within 14 days.
Galaxy’s managing director Anthony Tse said the first shipment from the recommissioned Mt Cattlin project was a significant achievement and an important milestone for the company.
“This is an exciting day for Galaxy and for our customers, it marks another major achievement and signals Galaxy's formal transition back to producer status, elevating it into the ranks of global lithium producing companies,” he said.
"There has been a tremendous amount of hard work with some very long hours put in, under tight and challenging deadlines, to get the operations to the stage where they are at and to allow us to make our first shipment today.”
Galaxy said it was continuing to ramp-up Mt Cattlin with planned production of 160,000 tonnes of lithium concentrate for calendar 2017.
Galaxy officially recommenced mining at Mt Cattlin on December 12 last year using contractor Piacentini & Son.
Mt Cattlin was previously in production between 2009 and 2012, but was closed because of delays with the commissioning of Galaxy’s now-divested processing plant in Jiangsu, China.
Shares in Galaxy were up 2.5 cents, or 4.76 per cent, to 55 cents at 11.30am.
https://thewest.com.au/business/mini...-ng-b88344999z
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