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Galaxy Resources Limited (ASX:GXY) Hosts Jiangsu Foundation Day Ceremony
Perth, Feb 22, 2010 AEST (ABN Newswire) - Galaxy Resources Limited (
ASX:GXY) (
PINK:GALXF) moved a step closer to becoming a world player in lithium yesterday as it marked the commencement of piling foundations for its Jiangsu Lithium Carbonate Project with a blessing ceremony on site.
The Foundation Day Ceremony was jointly conducted by Galaxy and the Zhangjiagang Free Trade Zone authorities on the eighth day of the Chinese New Year to coincide with the conclusion of the Spring Festival celebrations.
Galaxy Resources Managing Director, Mr Iggy Tan, said it was fitting that Galaxy's lithium carbonate facility would be constructed and completed within 2010, the Year of the Tiger.
"According to the Chinese Zodiac, the tiger is a symbol of strength, power, leadership and audacity - all qualities which Galaxy Resources embodies as it seeks to gain a first mover advantage and capitalise on the growing demand for battery grade lithium carbonate," he said.
"Galaxy is committed to forging strong relationships with all of our project stakeholders including loan syndicate partners and key suppliers of input materials for the lithium carbonate processing facility."
The Company's rapid progress through the Chinese approvals process has been helped by Galaxy's strong working relationship with the Zhangjiagang Free Trade Zone. The Ceremony was attended by Party Secretary of Zhangjiagang City, Mr Qin Huang and Mayor of the Free Trade Zone, Mr Xu Zhongao.
Mr Tan said that the next major milestone would be the construction permit which was expected to be granted shortly ahead of the formal commencement of construction in April.
Once complete, the Jiangsu Plant will produce 17,000 tonnes of battery grade lithium carbonate per annum to supply end users across the Asia Pacific region.
"Progress has already been made on the Jiangsu site with the Zhangjiagang authorities allowing preparatory works to be conducted over the past few months," Mr Tan said.
"Detailed design work is being finalised by Hatch, with commissioning and plant start-up targeted for the final quarter of 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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