Galaxy: GXY Australia's only ASX listed Lithium miner
 

Here's a the first of many news stories about our first ASX listed Lithium mine...


Australia's 2nd lithium mine opens in WA
Friday November 6, 2009, 3:44 pm

Ground has been broken on Australia's second lithium mine - Galaxy Resources Ltd's Mt Cattlin project at Ravensthorpe in Western Australia.

First production is slated for late 2010.

The new mine was officially opened on Friday by WA Premier Colin Barnett, who said it was good news for Ravensthorpe and surrounding communities.

Residents of Ravensthorpe and nearby Hopetoun were left reeling in January, when mining giant BHP Billiton Ltd mothballed its Ravensthorpe nickel mine following a dive in the metal's price, resulting in more than 1,800 job losses.

Galaxy managing director Iggy Tan said in a statement on Friday that the Mt Cattlin project would deliver significant benefits to the region by employing a residential workforce, with flow-on effects to local industry and businesses.

Mr Tan said that by 2010, the Mt Cattlin mine would be the world's second-largest hard-rock producer of spodumene, and would be one of three lithium minerals currently mined commercially, along with petalite and lepidolite.

"Spodumene is the most important of the lithium-bearing minerals due to its higher lithia content and the fact that it tends to be found in larger deposits," Talison Minerals general manager strategic development David Miller told a conference earlier this year.

Until now, the unlisted Talison has been Australia's sole lithium miner, with operations at Greenbushes in WA's south-west region.

Demand for lithium, which is used in batteries for electric cars, is forecast to triple over the next decade.

Independent research house Stock Resource said in a research note this week that Galaxy and Orocobre Ltd were the only Australian stock exchange-listed companies that offered investors exposure to lithium, with Orocobre focused on Argentina.