GXY 0.00% $5.28 galaxy resources limited

Dow Jones Newsires

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    FYI

    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
 
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