Galaxy Resources Limited is an international company with lithium production facilities, hard rock mines and brine assets in Australia, Canada and Argentina. It wholly owns and operates the Mt Cattlin mine in Ravensthorpe Western Australia, which is currently producing spodumene and tantalum concentrate. Galaxy is advancing the development of the Sal de Vida lithium brine project in Argentina situated in the lithium triangle (where Chile, Argentina and Bolivia meet), which is currently the source of more than 40% of global lithium production. Sal de Vida has excellent potential as a low-cost brine-based lithium carbonate production facility.
Today, Galaxy announced that their quarterly results will be revealed on the 21st of April, 2021. During the quarter, Galaxy has successfully ramped up Mt Cattlin back up to nameplate capacity – achieving quarterly production of 46,588 dry metric tonnes of lithium concentrate, 39.7% higher than the previous quarter, at an improved recovery of 60%. Product quality of 5. 8% Li2O produced was in line with customer requirements. 29,917 dmt of lithium concentrate was shipped during the quarter whilst a second shipment of 15,000 dmt was delayed until early April due to the late arrival of the vessel. Contracting arrangements are progressing well on Q2 shipments with pricing well in excess of US$600/dmt.
Given how important lithium is to the future of everything electronic and electrical as we move away from traditional sources of energy such as coal, the lithium industry has been performing exceptionally well as of late and there are lots of tailwinds to steer them forward.
Galaxy Resources shares following the announcement ended trading at $3.12 after adding 4.7% today.
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