Matt Bohlsen June 7 2019
Short excerpt from Article on Galaxy.
- On May 13 Galaxy Resources announced Mt Cattlin record production. Record monthly production volume of 21,901 dry metric tonnes (“dmt”) of lithium concentrate for April 2019, representing an equivalent annualized run rate of over 260,000dmt. Average final product grade of 5.92% Li2O compared to 5.75% Li2O in Q1 2019."
- On May 16 Galaxy Resources announced a strategic investment of A$22.5m into Alliance Mineral Assets Limited (ASX:A40, SGX:40F). The reason for the investment was not given, however Galaxy chairman Martin Rowley stated: “Galaxy recognises that the Bald Hill mine produces high-quality spodumene concentrates and believes that the tenements surrounding the existing Bald Hill Mine operations hold substantial value potential, that may be unlocked through further targeted exploration and work on resource delineation."
My view: Given last month Alliance signed an agreement with Jiangxi to pursue a lithium hydroxide plant in China, and that Galaxy is looking to JV into a conversion facility in China, there may be some synergies down the road.
