Quarterly Activities and Cashflow Report - September 2012
Perth, Nov 1, 2012 AEST (ABN Newswire) - Galaxy Resources Limited (
ASX:GXY) announce Quarterly Activities and Cashflow Report - September 2012, with the following significant events.
Lithium carbonate production increases at Jiangsu
- Excellent quality performance with lithium carbonate achieving battery-grade specifications
- Jiangsu on track to be cash flow positive in Q1, 2013
- Sales Revenue of A$3.7 million (inclusive of VAT) commences for the quarter
- Development strategy and rationale for Sal De Vida outlined
- Sal de Vida DFS progressed
- Sal de Vida Environmental Impact Statement submitted
- Successful brine pump testing completed at Sal de Vida
- Working capital loan to China Construction Bank successfully re-financed
- Sales of battery grade lithium carbonate from Jiangsu Plant commences
To view the full quarterly report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-GXY-612090.pdf
About Galaxy Resources Limited
Galaxy Resources Limited (ASX:GXY) (OTCMKTS:GALXF) is an international S&P / ASX 200 Index company with lithium production facilities, hard rock mines and brine assets in Australia, Canada and Argentina. It wholly owns and operates the Mt Cattlin mine in Ravensthorpe Western Australia, which is currently producing spodumene and tantalum concentrate, and the James Bay lithium pegmatite project in Quebec, Canada.
Galaxy is advancing plans to develop the Sal de Vida lithium and potash brine project in Argentina situated in the lithium triangle (where Chile, Argentina and Bolivia meet), which is currently the source of 60% of global lithium production. Sal de Vida has excellent potential as a low cost brine-based lithium carbonate production facility.
Lithium compounds are used in the manufacture of ceramics, glass, and consumer electronics and are an essential cathode material for long life lithium-ion batteries used in hybrid and electric vehicles, as well as mass energy storage systems. Galaxy is bullish about the global lithium demand outlook and is aiming to become a major producer of lithium products.
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