Galaxy Resources Announce Final Offtake Documentation Signed – $9 Million US Prepayment Received

Galaxy Resources Limited (ASX:GXY) along with its project partner General Mining Corporation Ltd (ASX:GMM) (GXY and GMM, together the “ JV Partners”) are pleased to announce that a final binding tri-party definitive documentation has been signed with one customer, and Mitsubishi Corporation and GMM. The final offtake agreement terms are consistent with the terms of the binding Term Sheet announced 8 March 2016. The JV Partners have now banked the US$9 million prepayment from this customer.
As quoted in the press release:

Offtake Agreement Details

On 8 March 2016, Galaxy and GMM announced the signing of two binding term sheets with Chinese customers for the sale of 60kt of spodumene concentrate at US$600/mt for 2016, and 120kt in 2017, subject to final pricing to be agreed in Q4 of 2016.

Discussions continue with the other Chinese customer who requested a visit to Mt Cattlin before completing the final offtake documentation. A team from that customer, visited Mt Cattlin last week.

Operational Update

Activity at Mt Cattlin continues to progress with first tantalum production achieved on 16 May 2016, fed from existing crushed ore stockpiles. The course rejects from this process (containing Lithium) are being stockpiled ready for activation of the DMS circuit next month.

Connect with Galaxy Resources Limited (ASX:GXY) to receive an Investor Presentation.