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Old 05-10-2013, 08:44 AM
Sparty Sparty is offline
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Default Galaxy's Jiangsu profitable LICo3 production - 28 tonnes per day

JIANGSU APRIL PRODUCTION UPDATE

Highlights
 650 tonnes of lithium carbonate produced in April (excludes one week scheduled maintenance)

 Average daily production rate of 28 tonnes, representing 60% of Plant's design output (vs 31% in March)

 Sales of 575 tonnes (revenue A$3.5 million, inclusive of VAT) recorded for the month

 April Jiangsu operating costs (excluding sunk ore costs) was around A$2.5 million

 Jiangsu Plant is China's second-largest lithium production facility at current output rates

Galaxy Resources Ltd (ASX: GXY) ('Galaxy' or 'the Company') advises that production at its Jiangsu Lithium Carbonate Plant ('iangsu' or 'the Plant') in China totalled 650 tonnes in April 2013.

Average daily production, excluding scheduled outage in the month was 28 t/day, representing 60% of the Plant?s design output. April's figures include three weeks of production and exclude a one week scheduled outage for improvements and modifications.

April's production marks a significant improvement on the previous month, where Galaxy recorded total production of 425 tonnes, with average production rates of 14 tonnes a day (31% of design output). Operations at Jiangsu re-commenced in February 2013.

Product sales in April totaled 575 tonnes of battery and technical grade product. Sales revenue was A$3.5 million (including VAT). Production cost for Jiangsu, (excluding sunk ore costs) was around A$2.5 million for April, which means on a purely cash inflow and outflow basis, the operation generated positive inflows for the month.

Galaxy Resources Managing Director Iggy Tan said: "We are pleased with the recent performance of the Jiangsu Plant and the generation of positive cash inflows. At current production rates, Jiangsu ranks as the second largest lithium carbonate production facility in China. Equally, we are encouraged by the increase in product sales and are working hard to continue to drive the ramp-up of our business''.

The Jiangsu Plant is designed to produce 17,000 tonnes per annum, which would make Galaxy the largest lithium carbonate producer in China and the largest battery grade (99.5% purity) lithium carbonate producer in the world.
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