http://au.biz.yahoo.com//091105/42/29lqt.html
Galaxy Resources Limited (ASX:GXY) Ground Broken At The Official Opening Of Mt Cattlin Spodumene Project
Friday November 6 9:50 AM
Galaxy Resources Managing Director Iggy Tan said the Company was delighted to welcome the Premier to the Mt Cattlin site along with representatives from its Chinese investment partner, Creat Group, as well as industry and the local community.
"The Ground Breaking Ceremony represents an important milestone in the development of Galaxy's lithium project, with construction scheduled to commence in the coming days," Mr Tan said.
"With the project fully funded through a strategic partnership with Creat Group, and all environmental and works approvals granted, Galaxy can now focus on rapidly advancing the construction of its mine and processing facility in order to meet the forecast increase in demand for lithium.
"By 2010, the Mt Cattlin mine will be the world's second largest hard rock producer of spodumene and, through the development of its value adding lithium carbonate plant in China, the Company will be the largest and lowest cost lithium carbonate producer in Asia," he said.
Mr Tan said the Mt Cattlin Spodumene Project was an important one for Western Australia and the Ravensthorpe Esperance region.
"The rapid development of the project to the construction stage is a testament to the commitment of our team and the strong relationship between Western Australia and China, as the cornerstone investment partners in the project," Tan said.
"The project will deliver significant benefits to the Ravensthorpe-Esperance region through its residential workforce and flow on effects to local industry and businesses," he said.
The Mt Cattlin Project will produce 137,000 tonnes of spodumene concentrate per year at its onsite processing facility which will be shipped to the Company's downstream processing facility in the Jiangsu Province of China.
A large proportion of the 17,000tpa of battery grade lithium carbonate that the Company will produced in China will supply the burgeoning China market as well as the growing markets of Japan, Korea and Europe.
"With this milestone passed, construction will commence shortly on the Mt Cattlin and Jiangsu projects ensuring Galaxy is well positioned to meet the growing demand for lithium - the crucial element in the batteries powering the hybrid and electric vehicles of the future," Mr Tan said.
About Galaxy Resources Limited:
Galaxy is an industrial minerals company focusing on lithium and tantalum production. Galaxy has completed a definitive feasibility study (DFS) which suggests the Mt Cattlin Lithium / Tantalum project (Ravensthorpe, Western Australia) is commercially viable based on a processing rate of 1 million tonnes per annum over a 15 year mine life. The Company is planning to commence the development of the mine and the construction of the mineral processing plant in Q3 2009 with first concentrate production scheduled for Q3, 2010.
The company has also commenced a pre feasibility study into the value adding downstream production of lithium carbonate (Li2CO3). The company plans to establish a 17,000 tpa lithium carbonate plant in China due to lower associated capital and operating costs, as well as being close to the strategic growing battery markets in Asia.
Lithium concentrate and lithium carbonate raw materials are currently in short supply and face high future demand growth due to advances in long life batteries and sophisticated electronics in hybrid and electric vehicles, mobile phones and computers.
Contact:
Iggy Tan Managing Director Tel: +61-8-9215-1700 Mob: +61-419-046-397
Source:
Galaxy Resources Limited
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