Capital raising is necessary to make this happen.....
The West Australian 1st October, 09
"Galaxy is targeting production at Mt Cattlin in the third quarter of 2010 and hopes to be the fourth-biggest lithium carbonate producer in the world by 2011.
Although a number of lithium explorers have emerged on the back of analysts' expectations that demand for lithium carbonate could treble over the next 10 years, Galaxy is one of the few that is close to being in production. Lithium is used in batteries and glass.
The group has already received letters of intent for up to 22,000 tonnes of lithium carbonate a year, exceeding its production target of 17,000tpa.
Galaxy has put a $130 million price tag on developing Mt Cattlin, including a mine and a processing plant to produce 137,000 tonnes a year of spodumene concentrate.
It will also establish a downstream lithium carbonate chemical facility in China's Jiangsu Province to produce lithium carbonate, which can then be sold into Asian and European markets."
GXY Price at posting:
59.3¢ Sentiment: Hold Disclosure: Held
