Galaxy boasts record quarterly lithium shipments, rapidly advances projects in Argentina and Canada
(Kitco News) - Galaxy Resources (ASX: GXY), an international lithium producer and developer, reported today on activities undertaken in the December 2020 quarter.
At the Mt Cattlin mine in Australia, the company achieved record total 75,336 dry metric tonnes (“dmt”) of lithium concentrate shipped during the quarter, with quarterly sales representing a 349% increase from the prior quarter, achieving FY2020 shipments of 150,630 dmt.
Quarterly production of 33,344 dmt achieved full-year guidance and FY2020 production was 108,658 dmt at 5.95% Li2O.
The company noted that Mt Cattlin is ramping up production in response to strong customer demand, improving prices and reduced inventory levels.
At Sal de Vida project in Argentina, FEED nears completion, the wellfield to ponds package is ~95% complete and the plant and infrastructure is ~25% complete. Piloting onsite successfully produced 0.8 tonnes of high-grade lithium carbonate peaking at 99.9% purity.
In Canada, Galaxy is accelerating James Bay project to a construction ready status by late 2021 with technical assessments near completion. Consolidated findings are expected to deliver positive results in a Preliminary Economic Assessment in Q1 2021.
The company said that as at 31 December 2020, Galaxy was debt free with cash and financial assets of US$215.1 million.