Australia's largest stock trading and investment forum Australia's #1 stock forum

GXY

0.00%

$5.28 galaxy resources limited

Ann: Mt Cattlin Shipping Update, page-13

First 13 Last

Share
Profile

Follow
Tinokenny

250 Posts.

34

14/06/17

09:54

Post #: 25260336
Share

Originally posted by RiC088 ↑

MT CATTLIN SHIPPING UPDATE
Highlights
 First shipment of Mt Cattlin production on 2017 contract terms dispatched
 13,815wmt loaded on MV Belle Ocean bound for Chinese offtake customer
 LC in place from offtake customer and LC for July shipment already in place from second customer
 Production at the Mt Cattlin plant over the last 30 days has averaged 440dmt per day, equivalent to an annualized 160,000dmt production rate Galaxy Resources Limited (ASX: GXY) (“Galaxy” or the “Company”) is pleased to announce it has dispatched the first shipment of lithium concentrate under 2017 contract terms. The MV Belle Ocean set sail from Esperance on 10 June 2017 loaded with 13,815 wet metric tonnes (wmt) of lithium concentrate.
The Mt Cattlin operations plant utilization continues to improve with the last 30 days’ concentrate production averaging 440dmt per day, which equates to an annualized production of in excess of 160,000tpa.
The performance of the redesigned Mt Cattlin plant is now reaching steady state operation with average recovery for the same 30-day period being 54.3% with an average mica content of 1.38% well below contracted minimum levels. The MV Belle Ocean shipment is the first under 2017 contract pricing terms of US$830 per tonne at 5.5% grade lithium concentrate increasing to US$905 per tonne for 6.0% grade equivalent. Total tonnage contracted at these pricing levels for delivery in 2017 is 120,000dmt.
Final pricing will be confirmed once the final grade and moisture content have been determined. The Company is aiming to dispatch one shipment per calendar month for the balance of 2017 which will all be on 2017 contracted terms.

Expand

Hi All,

What does this LC mean? Thabks in advance

 LC in place from offtake customer and LC for July shipment already in place from second customer

GXY Price at posting: $1.92 Sentiment: Buy Disclosure: Held
2 Upvote

0 Great analysis

Reply

Top Stories

AZL

Brine and shine: Arizona Lithium wins early stage eco approval to commence wellpad #2 at Prairie

IVZ

Invictus banks US$5M from Zimbabwean investment fund in support of Cabora Bassa

PAM

PAM secures high-grade Chilean copper play in strong territory

BOE

$550 million Jabiluka uranium offer comes unstuck as Government rules lease won't be renewed

BIO

Biome unveils three year revenue target up to $85M – but are 3Y targets enough to excite?

There are more pages in this discussion • 79 more messages in this thread...

First 13 Last

Add GXY (ASX) to my watchlist

Ann: Mt Cattlin Shipping Update, page-13

Top Stories

Brine and shine: Arizona Lithium wins early stage eco approval to commence wellpad #2 at Prairie

Invictus banks US$5M from Zimbabwean investment fund in support of Cabora Bassa

PAM secures high-grade Chilean copper play in strong territory

$550 million Jabiluka uranium offer comes unstuck as Government rules lease won't be renewed

Biome unveils three year revenue target up to $85M – but are 3Y targets enough to excite?

Featured News