Galaxy sells lithium source to Chinese
Updated: 2012-05-30 15:45
By Du Juan (chinadaily.com.cn)
|
|||||||||
The Australian lithium start-up Galaxy Resources Ltd announced on Wednesday that the company will sell its first commercial spodumene concentrate -- a source of lithium.
The consignment, worth A$5.5 million ($5.4 million) will come from its wholly owned Mt Cattlin Spodumene Project (Mt Cattlin) in Western Australia to Chinese customers.
It is the first significant lithium revenue stream for Mt Cattlin, the company said.
The shipment was the fourth shipment of spodumene concentrate exported by Galaxy, with the previous three having been received for processing at Galaxy's wholly-owned Jiangsu Lithium Carbonate Plant in China, which works in the Chinese lithium battery market.
Spodumene concentrate from Mt Cattlin is normally reserved for use at the Jiangsu plant, which started production in March.
A recent sustained high production level at Mt Cattlin has resulted in a surplus of spodumene concentrate beyond the Jiangsu plant's immediate requirements. Galaxy offered the excess to third-party customers.
"As we ramp up production at Jiangsu province, further sales of lithium carbonate will occur under the long-term offtake framework agreements we have in place with customers," said Iggy Tan, Galaxy's managing director.
According to the company, it has long-term offtake framework agreements with 13 major cathode producers in China.
In March, the company invested A$100 million to build a lithium carbonate plant in Zhangjiagang, Jiangsu province. The new plant has an annual production capacity of 17,000 tons of lithium carbonate, the largest in the Asia-Pacific region so far.
Lithium carbonate is used in lithium-ion batteries, which in turn go into mobile phones, computers and electric vehicles.
dujuan@chinadaily.com.cn
- Relief reaches isolated village
- Rainfall poses new threats to quake-hit region
- Funerals begin for Boston bombing victims
- Quake takeaway from China's Air Force
- Obama celebrates young inventors at science fair
- Earth Day marked around the world
- Volunteer team helping students find sense of normalcy
- Ethnic groups quick to join rescue efforts
Most Viewed
Editor's Picks
Supplies pour into isolated villages |
All-out efforts to save lives |
American abroad |
Industry savior: Big boys' toys |
New commissioner
|
Liaoning: China's oceangoing giant |
Today's Top News
Health new priority for quake zone
Xi meets US top military officer
Japan's boats driven out of Diaoyu
China mulls online shopping legislation
Bird flu death toll rises to 22
Putin appoints new ambassador to China
Japanese ships blocked from Diaoyu Islands
Inspired by Guan, more Chinese pick up golf
US Weekly
Beyond Yao
|
Money power |