I think unlucky Laguna...Iggys track record is fairly...

I think unlucky Laguna...

Iggys track record is fairly substantial in growing, diversifying and tendering projects. The article below outlines that funds were withdrawn by ECE after a site incident and the relationship was torn. 66 million would hurt any spec/development..funds were spent with foresight that galaxy would receive a big investment. I can't think that iggy is to blame for that..obviously he'll cop the brunt being managing director but it could have been any other in his position and investors would be sour against them.

Unlucky, as are a lot with these small stocks..but kfe's story is a lot different and we have very good strong relationship in Nigeria with dr Ian Burston etc. thanks for your warning but Iggy has a brilliant record and his push in putting this project for tender is summing up nicely...mind you I'd love a better sp right now!! Article below:

Iggy Tan, the effervescent managing director of Australian lithium carbonate producer Galaxy Resources fell on his sword last week, though the company’s official line that he had left to ‘pursue other interests’ had something of a hollow ring to it.

Market watchers, who are sad to see Tan go, say this is particularly true when you look at how far forward he had dragged the company where others have failed in similar ventures and given that the company was starting to sell decent volumes of material.

Galaxy has been ramping up towards 17,000 tonnes annual production, while its merger last year with Lithium One saw it not only diversify geographically, but also geologically with the addition of the Sal da Vida lithium brine project in Argentina.

But was the writing on the wall for the executive when the East China Mineral Exploration & Development Bureau (ECE) withdrew from a proposed $66.2 million equity investment in Galaxy two months after an incident at the company’s Jiangsu processing plant in China left two workers dead last November?

Damage to site was repaired, but not so it seems the relationship with ECE and needing funds to keep operations running Galaxy found itself in a difficult position in a tough market for mining companies trying to raise working capital.

To skirt around higher production costs at its mine at Mt Cattlin mine in Western Australia, Galaxy signed a three-year deal with rival Talison to supply podumene feedstock to Jiangsu.

In May, the company looked to a one for one share offer aimed at $47 million but less than a month later was forced to withdraw facing opposition shareholder concerned over the dilution over their interests.

Galaxy says it will update shareholders on a new offer as soon as it becomes available. Meantime, it has secured a secured a $6 million bridge loan with Deutsche Bank in Sydney.

In a sector where annual global lithium consumption has been forecast to least double to 300,000 tonnes by the end of the decade, Tan who it seemed was inextricably linked to the project might consider himself a little bit unlucky as the picture would have looked somewhat different had the funding still been in place.