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03/10/17

12:47

Post #: 27620538
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Originally posted by philipg ↑

Galaxy Resources strikes deal with Japan's Panasonic: sources
A Panasonic lithium-ion flexible battery. Koji Ueda
by Sarah Thompson Anthony Macdonald Joyce Moullakis
Hot on the heels of Pilbara Minerals' deal with Chinese automaker Great Wall, it is believed Galaxy Resources has inked an agreement with Tesla battery
supplier Panasonic.
Battery makers like Japan's Panasonic have been looking to lock in supplies of high quality lithium to ensure they have enough material to meet demand for their lithium-ion batteries, used to power electric vehicles.
Sources told Street Talk managing director Anthony Tse, chairman Martin Rowley and other directors were in Japan for a signing ceremony two weeks ago. Shipping data also shows product from Mt Cattlin being shipped to Japan.
Galaxy, capitalised at $1.1 billion, would appeal to these battery companies as it is one of the few producers that hasn't locked all of its production into agreements with long-term customers.
Galaxy currently supplies spodumene concentrate produced from its Mt Cattlin mine in Western Australia to lithium converters in China, which then make the lithium chemical used by battery manufacturers.
It has agreements to sell 120,000 tonnes of concentrate from Mt Cattlin in 2017 and is expected to announce a 2018 offtake agreement before the end of the year.
Galaxy is also developing the Sal de Vida lithium brine project in Argentina and has been flagging for months discussions with "investors, offtakers and potential strategic partners" for the project's production.
Galaxy chief financial officer Alan Rule told reporters on the sidelines of the Diggers and Dealers conference in August the company had held discussions with large car manufacturers about lithium supply, particularly from Sal de Vida.
"They are very active right now and they have been for the past couple of months," Rule said in August.
It comes after fellow West Australian lithium miner Pilbara Minerals struck a deal with Great Wall to sell up 150,000 tonnes a year of product from Pilbara's Pilgangoora project in Western Australia.

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The company needs to inform the market about the veracity or otherwise of this report. ASAP

GXY Price at posting: $2.89 Sentiment: Buy Disclosure: Held
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The company needs to inform the market about the veracity or...

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