$80m capital raising, page-16

Lambda, I think Galaxy’s takeover of Lithium One was well timed from a long term perspective. The lithium industry is going through consolidation at the moment and GXY appears to have captured a great asset in Sal de Vida at a good price (the takeover of Talison by Rockwood came at a significant premium).

Clearly I think we’d all like to see Galaxy settle down and get cashflow going at Jiangsu, and not see the share price get smashed. But in a few years the decision to buy LithiumOne will be probably be looked at as a good move.

That is assuming GXY doesn’t go broke first… Hopefully today’s cap raising means that it’s steady as she goes from here.