ann out: jiangsu achieves 99.9%, page-21

Strategic partnership with KORES, GS Caltex and LG International
( together “KC”)
KC earning 30% interest in Sal de Vida
To spend US$15m on a feasibility study
g )
US$15m spent to date
KC to provide completion guarantee for project financing facility
p $ y y
KC to purchase 30-50% of lithium products at market prices
Galaxy has right to be sole sales agent for potash and boron products

Above is an extract from a GXY presentation in May 2012.

While I totally agree GXY bites off more than it can chew. It looks like they do have a JV for Sal de Vida and the partners are to provide a guarantee for financing, so there may not be a need to go to the market for cash. The JV partners look pretty healthy and I am sure they would love to increase the 30%.
I'm glad you hung around VR, people obviously get a little testy when they see the sp drop so significantly (i know I'm a little numb), especially when the whole concept looked like a no brainer. Lets hope we are all having a big love in shortly.