Galaxy Resources Limited: Quarterly Reports - June 2017
Perth - Galaxy Resources Ltd. (ASX:GXY) (OTCMKTS:GALXF) ("Galaxy" or "Company") is pleased to report to shareholders its activities for the quarter ended 30 June 2017.Highlights
Mt Cattlin Operations
- Total of 32,998 dmt of lithium concentrate produced in the quarter, a 41% increase over Q1 2017
- For June, plant recoveries achieved 61% and output exceeded target production rate with 14,038 dry metric tonnes ("dmt") of concentrate produced
- Cash flow generation of A$13.2 million for the quarter before capex and repayment of balance of customer prepayments
- Average production cash costs (excluding royalties and marketing fees) of US$393 per dmt for the quarter, including US$334 per dmt for the month of June
- Sales of 30,135 dmt at an average realised price before royalties and marketing fees of US$724 (A$964) per dmt
- Sales of production on 2016 contract terms completed
- Balance of all customer offtake prepayments repaid
- First tantalum sale complete
Sal de Vida Project
- Progress on field work and production well drilling
- Relocation and refurbishment of the test plant
- Initial planning activities for construction camp
James Bay Project
- Drilling program progressing, now 65% complete
- Initial assays from drilling campaign showing excellent results
- Work on feasibility study advancing
Corporate
- Cash on hand at 30 June 2017 of $40.4 million
- Annual General Meeting of Shareholders approve a 1 for 5 share consolidation
- Appointment of new Director to the Board
- Appointment of new Chief Financial Officer
- US$2.1 million received for settlement of legal dispute with Tianqi
Teleconference
A teleconference on the Quarterly Results will be held on Monday 17 July 2017, commencing at 9.30am (AWST).
Conference ID: 5432 6900
Within Australia (Toll Free): 1800 123 296
International:
Canada 1855 5616 766
Japan 0120 477 087
China 4001 203 085
Singapore 800 616 2288
Hong Kong 800 908 865
United States 1855 293 1544
UK 1855 293 1544
To view the full report, please visit:
http://abnnewswire.net/lnk/1P5L37Y2
About Galaxy Resources Limited:
Galaxy Resources Ltd. (ASX:GXY) is an international S&P / ASX 200 Index 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, and the James Bay lithium pegmatite project in Quebec, Canada.
Galaxy is advancing plans to develop the Sal de Vida lithium and potash brine project in Argentina situated in the lithium triangle (where Chile, Argentina and Bolivia meet), which is currently the source of 60% of global lithium production. Sal de Vida has excellent potential as a low cost brine-based lithium carbonate production facility.
Lithium compounds are used in the manufacture of ceramics, glass, and consumer electronics and are an essential cathode material for long life lithium-ion batteries used in hybrid and electric vehicles, as well as mass energy storage systems. Galaxy is bullish about the global lithium demand outlook and is aiming to become a major producer of lithium products.
Contact:
Galaxy Resources Ltd.
Corporate Nick Rowley Director - Corporate Development
M: +61-455-466-476 T: +61-8-9215-1700
E: nick.rowley@galaxylithium.com
Media Enquiries (Australia)
John Gardner Citadel-MAGNUS
M: +61-413-355-997 or T: +61-8-6160-4901
E: jgardner@citadelmagnus.com Media Enquiries (International)
Heidi So Strategic Financial Relations Ltd
T: +85-2-2864-4826
E: heidi.so@sprg.com.hk