Mt Cattlin exceeds target production rate
- Total of 14,038 dry metric tonnes of lithium concentrate produced in June
- Galaxy receives US$860 per tonne FOB for first shipment on 2017 contract terms
- Laycan bookings for next three lithium concentrate shipments confirmed
Galaxy Resources Limited (ASX: GXY) (“Galaxy” or the “Company”) is pleased to announce further successful optimization to the Mt Cattlin plant has resulted in increased recoveries and production. For June, production at Mt Cattlin was 14,038dmt, based on final recoveries of 61.3% during the month, well exceeding the initial targets of 50-55%. During the month, lithium concentrate production exceeded 500dmt on sixteen days, and on five of those days over 600dmt of production was recorded.
In addition to improvements in the processing facility, crushing operations have continued to improve with approximately 133,000 tonnes of ore crushed during the month of June, which is the equivalent rate of 1.6 million tpa throughput.
Galaxy received payment for its third shipment of lithium concentrate at the end of June, and based on the revised 2017 contract pricing achieved US$860 per tonne FOB for this shipment. The Company has now booked the next three vessels for departure from Esperance. The next vessel is currently expected to arrive at Esperance around mid-July with a further vessel laycan booked for early August, and a third vessel laycan requested for the first week in September
ENDS
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