Galaxy Resources Limited (ASX:GXY) Commences Site Preparation Work For The Jiangsu Lithium Carbonate Plant
Perth, Nov 24, 2009 AEST (ABN Newswire) - Galaxy Resources Limited (ASX:GXY)(PINK:GALXF) today announced the commencement of site preparation works for the Jiangsu Lithium Carbonate Plant in the Zhangjiagang Yangtze River International Chemical Industrial Park.
The work involves clearing the vegetation from the site in preparation for back-filling, leveling and compaction by the Zhangjiagang Free Trade Zone (ZFTZ) authorities. The site will be leveled to a height of 4.4m (higher than flood level) before being handed over for the erection of security fencing by Galaxy.
The Galaxy component of the site preparation works will commence around December 16, 2009. Galaxy recently awarded contracts to Times Engineering Design and Project Management Co Ltd for design institute and construction supervision services and to Shanghai No. 1 Construction Company for the site preparation services.
Construction of the plant is expected to commence on schedule in Q1 2010 with piling and foundations. This schedule is in accordance with the intended plant start-up in Q4 2010.
About Galaxy Resources Limited
Galaxy Resources Limited (ASX:GXY) (OTCMKTS:GALXF) 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.
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