Join our daily newsletter At The Bell to receive exclusive market insights
- Galaxy Resources announced record lithium results at Mt Cattlin in WA
- The company yielded 21,901 dry metric tonnes at an average grade of 5.92 per cent
- The results represent a quarterly increase in tonnage and grade
Galaxy Resources has announced a record lithium concentrate results at its Mt Cattlin project in WA today.
The company reported 21,901 dry metric tonnes (dmt) of lithium concentrate at an average grade of 5.92 per cent, compared to the previous quarter’s 5.75 per cent.
Recovery rate of minerals was also reported at a healthy 61 per cent, a ten per cent increase from the previous quarter.
Galaxy CEO Anthony Tse says the increased production also comes with a decrease in production costs for overall operational improvements.
However, lithium pricing was higher in Q1 at US$453/dmt compared to this quarter’s US$329/dmt.
“Aside from quality, the continued reduction in unit production costs ensures Galaxy has a competitive advantage, allowing the Company to continue delivering a healthy operational cash margin, notwithstanding the recent softening of lithium feedstock and chemical pricing,” Anthony said.
The company boasted a large lithium customer base in China, claiming it to be recognition of their consistent Mt Cattlin product.
Anthony Tse said the company’s focus will continue to be maintaining Mt Cattlin as a low cost, high quality, lithium concentrate producer.
Galaxy expects at the end of this quarter for total lithium production and shipment count at 45,000 to 50,000 dmt from the wholly owned Mt Cattlin project.
Galaxy nudged 2.02 per cent in the market today. Company shares are currently trading at $1.64 in a market cap of $656.1 million.
