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Old 10-22-2009, 05:08 AM
Sparty Sparty is offline
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Default Australia's Rock Lithium Producer Galaxy (GXY) sppeds to production

GALAXY Resources will move quickly to develop its proposed $55 million factory in Jiangsu province in China to process lithium carbonate for use in batteries and electronic devices, the company said today.

Following a positive result to a definitive feasibility study on the proposed plant, which confirmed previously estimated returns, Galaxy plans to start site preparation in December and start construction in April, with first production scheduled in the 2010 fourth quarter.

Managing director Iggy Tan said the estimated cost incorporates a conservative 24 per cent in contingency costs that will allow Galaxy to manage any changes to projected costs or in the future economic environment.

The planned 17,000 tonnes a year designated plant capacity was almost three times bigger than the existing current largest producer at 6000 tonnes a year, he said.

Galaxy will source the spodumene input to the Jiangsu plant from its $68m Mt Cattlin lithium and tantalite mine in southwest Australia, now under development.

The company has already secured long-term financing for both projects from Creat Group, a private sector investment company based in Beijing.
Creat has a 19.9 per cent stake in Galaxy and provided the company with 100 per cent debt finance of about $130m to develop the mine and processing plant.

 

Disclaimer: The author of this post, may or may not be a shareholder of any of the companies mentioned in this column. No company mentioned has sponsored or paid for this content. Comments on this forum should never be taken as investment advice.

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asx lithium, australian lithium., china lithium, galaxy, lithium production

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