PERTH, Australia, Dec. 3, 2013 /CNW Telbec/ - Galaxy Resources Ltd (ASX: GXY)
("Galaxy" or the "Company") is pleased to announce that the Jiangsu Plant has
now successfully completed a planned maintenance shutdown period, which was
previously advised to the market. As part of the works, the "front end" of the
plant has been modified to enable lithium carbonate production from higher
grade spodumene feedstock supply from alternative sources including Talison
The plant formerly operated on solely Mt Cattlin sourced spodumene feedstock
and has now transitioned over to allow a wider range of feedstock. The
modifications works were completed smoothly and the plant will now be
operating on higher grade feedstock which is expected to enhance throughput
capacity.The ongoing production ramp up is part of Galaxy's strategy to
focus on delivering high-purity lithium products and a key component of the
strategy to reach break-even levels of production at the Jiangsu Plant by the
end of the year.
A full production report for the fourth quarter results will be contained in
the December 2013 quarterly report.
Separately, Galaxy is happy to report that it has received a A$918,000
reimbursement from the Australian Taxation Office, pursuant to the Research
and Development Tax Incentive Program in respect of the year ended 31 December
2012 (Galaxy's financial year ends on 31 December).
About Galaxy (ASX: GXY)
Galaxy Resources Ltd ("Galaxy") is an Australian-based global lithium company
with lithium production facilities, hard rock mines and brine assets in
Australia, China, Canada and Argentina. The Company is a lithium producer
listed on the Australian Securities Exchange (Code: GXY).
Galaxy has built an advanced and fully-automated Lithium Carbonate production
facility in Jiangsu Province, China ("Jiangsu Plant"). The Jiangsu Plant has a
name-plate capacity of 17,000 tpa, is primarily focused on producing battery
grade lithium carbonate, and is aiming to become the largest producer in the
Asia Pacific region and the fourth largest in the world.
Galaxy is currently advancing plans to develop the Sal de Vida Lithium and
Potash Brine Project ("Sal de Vida") in Argentina, which is situated in the
Lithium Triangle, a region where Chile, Argentina and Bolivia meet, and
presently accounts for 60% of global lithium production. Sal de Vida has
excellent promise as a future low cost production facility.
The Company also owns the Mt Cattlin Spodumene Mine near Ravensthorpe in
Western Australia and the James Bay Lithium Pegmatite Project in Quebec,
Lithium compounds are used in the manufacture of ceramics, glass, electronics
and are an essential ingredient in producing battery materials such as cathode
and electrolyte, in the manufacture of long life lithium-ion batteries, which
are used in consumer electronics, power tools, electric bikes, hybrid and
electric vehicles. Anticipating the growing demand in coming years, Galaxy is
positioning itself to become a major producer of lithium products.
Caution Regarding Forward Looking Information.
This document contains forward looking statements concerning Galaxy.
Forward-looking statements are not statements of historical fact and actual
events and results may differ materially from those described in the forward
looking statements as a result of a variety of risks, uncertainties and other
factors.Forward-looking statements are inherently subject to business,
economic, competitive, political and social uncertainties and contingencies.
Many factors could cause the Company's actual results to differ materially
from those expressed or implied in any forward-looking information provided by
the Company, or on behalf of, the Company. Such factors include, among other
things, risks relating to additional funding requirements, metal prices,
exploration, development and operating risks, competition, production risks,
regulatory restrictions, including environmental regulation and liability and
potential title disputes.
Forward looking statements in this document are based on Galaxy's beliefs,
opinions and estimates of Galaxy as of the dates the forward looking
statements are made, and no obligation is assumed to update forward looking
statements if these beliefs, opinions and estimates should change or to
reflect other future developments.
Not For Release in US
This announcement has been prepared for publication in Australia and may not
be released in the U.S. This announcement does not constitute an offer of
securities for sale in any jurisdiction, including the United States, and any
securities described in this announcement may not be offered or sold in the
United States absent registration or an exemption from registration under the
United States Securities Act of 1933, as amended. Any public offering of
securities to be made in the United States will be made by means of a
prospectus that may be obtained from the issuer and that will contain detailed
information about the company and management, as well as financial statements.
SOURCE Galaxy Resources Limited
Corporate Andrew Meloncelli Company Secretary Galaxy Resources Ltd Tel
(office): +61 (0) 8 9215 1700 Email:firstname.lastname@example.org
Media Contact Shane Murphy FTI Consulting Tel (office): +61 (0) 8 9485 8888
Tel (mobile): + 61 (0) 420 945 291 Email:email@example.com
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