0125 GMT [Dow Jones] Galaxy Resources' (GXY.AU) first lithium concentrate shipment from
the recommissioned Mt Cattlin project, worth roughly US$6 million, is more profitable
than anticipated and "should assist short-term working capital requirements," says
Canaccord Genuity. The broker, which had forecast US$5 million revenue from the maiden
cargo, said the miner is benefiting from a shortfall in global supplies of the raw
material used in batteries. "This shipment comes at a time of continued tightness in
global lithium market," it says. Canaccord Genuity has a buy rating and a A$0.60 target
on the stock, which is up 2.9% at A$0.54/share. ([email protected]; Twitter:
@RhiannonHoyle)
(END) Dow Jones Newswires
GXY Price at posting:
54.0¢ Sentiment: Hold Disclosure: Held
