Creat Resources Hld – Update on Galaxy Project Finance

Creat Resources Holdings Limited (LON:CRHL) announced that Galaxy Resources Ltd, in which it holds a 19.99% stake, has drawn down a US$105 million project finance facility to support the development of a lithium carbonate processing facility in Jiangsu Province, China.

The press release is quoted as saying:

Galaxy is aiming to position itself as the world’s fourth-largest producer of lithium carbonate, a compound necessary for the manufacture of lithium batteries, for which demand is growing rapidly in the automobile industry. The Jiangsu plant, located at Zhangjiagang and close to major markets, is expected to come on stream during 2011.

Click here to access the entire press release