Galaxy Resources is a Western Australian company which is soon to become one of the world’s leading producers of lithium – the essential component for powering the world’s fast expanding fleet of hybrid and electric cars.
By 2010, GXY’s Mt Cattlin mine will be the world’s second largest hard rock producer of lithium and, through the development of its value adding lithium carbonate plant (17,000 tpa), the Company will be the largest and lowest cost lithium producer in China.
Lithium concentrate and lithium carbonate materials are forecast to be in short supply against high future demand due to advances in long life batteries and sophisticated electronics including mobile phones and computers.
The estimated capital investment of the combined projects is approximately A$135 million.
With a net present value of A$511 million; generating revenue of A$119 million per annum, payback is expected to be achieved in just two years.
Galaxy has interests in five other exploration projects in Western Australia covering a range of commodities including base metals (copper-zinc-nickel), gold, iron ore, manganese, talc, rare earths and uranium.
Hon Colin Barnett, Premier of Western Australia with Galaxy Managing Director, Iggy Tan opening the Mt Cattlin Mine on 6 November 2009. |
