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Full capacity: lithium producer Galaxy Resources raises forecasts – columns

Good prospects for Galaxy Resources

Lithium producer Galaxy Resources (ASX GXY / WKN A0LF83) reports that the Mt Cattlin mine in Western Australia continues to operate at full capacity, producing 40,261 tons by the end of May. The content of the spodumene product was therefore 5.77% Li2O and thus complied with the requirements of the customers, it said.

In view of the persistently high production rate, the company is now raising its production forecasts for the year as a whole from 185,000 to 200,000 tons to now 195,000 to 210,000 tons. Galaxy also announced that there is still strong demand for the spodumene concentrate. A 15,000 ton delivery was secured for June – in addition to the 33,500 tons that were delivered in May.

The first delivery for the third quarter is currently being completed, with prices of more than USD 750 per ton of CIF (Cost, Insurance and Freight) for material with 6.00% Li2O being expected. The sales expected for 2021 are in line with production, Galaxy continues.

The company also announced that the updated Mt Cattlin lithium resource as of March 31 was 131,800 tonnes of Li2O contained, compared to 152,400 tonnes of Li2O as of December 31, 2020. Lithium reserves as of March 31 of this year were 84,000 tonnes of Li2O compared to 89,900 tonnes as of March 31, 2020 December 31, 2020.

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