First Lithium Concentrate Shipment from Recommissioned Mt. Cattlin Operations.

 
Galaxy Resources Limited (ASX:GXY) is pleased to announce that following the successful recommissioning of the Mt Cattlin project, it has loaded its first shipment of lithium concentrate at the Esperance Port in Western Australia. A total of approximately 10,000mt was loaded on the NY Trader 1 bound for Lianyungang Port in China, which sailed on the 2 January 2017. The shipment has a gross contract value based on the current agreement for 2016 pricing of approximately US$6 million.
Highlights
▪ First lithium concentrate shipment from recommissioned Mt Cattlin project
▪ Approximately 10,000mt of product loaded on vessel NY Trader 1 bound for China
▪ Payment for first shipment expected from Mitsubishi in 14 days.
▪ Production ramp up at Mt Cattlin progressing well, daily plant utilisation is now averaging 72% and increasing, with recoveries now at 60%
This first shipment is a major milestone for Galaxy with planned production of 160,000 tonnes for CY 2017.
Galaxy’s Managing Director, Anthony Tse said the first shipment from the recommissioned Mt Cattlin project was a significant achievement and an important milestone for the Company. “This is an exciting day for Galaxy and for our customers, it marks another major achievement and signals Galaxy’s formal transition back to producer status, elevating it into the ranks of global lithium producing companies”
Mr Tse commented that the Mt Cattlin management and staff, as well as other contractors involved in the project, are to be commended on their outstanding achievements in the early stages of the Mt Cattlin ramp up following the production restart. “There has been a tremendous amount of hard work with some very long hours put in, under tight and challenging deadlines, to get the operations to the stage where they are at and to allow us to make our first shipment today. I would like to again thank all of those that have contributed in order for us to be able to achieve this milestone, including the Mt Cattlin project and operations team, the Primero team, as well as all the staff at Galaxy corporate.”
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