Galaxy Resources receives approval for lithium carbonate plant in China
Emerging Perth-based lithium producer Galaxy Resources (ASX: GXY) has received Project Approval and a Business Licence for its China Lithium Carbonate Plant in Jiangsu Province.
Both approvals were granted by the Jiangsu Province Administration Bureau for Industry and Commerce and represent the final key milestones for the Company’s Lithium Carbonate plant development.
Galaxy Resources Managing Director Iggy Tan said the Company had met all of the important milestones for the Jiangsu approval process in a timely manner. While the Business Licence was granted 10 days behind the stated schedule.
"The minor delay will not impact the overall project schedule ensuring Galaxy is still on track to have the Lithium Carbonate Plant commissioned during Q4 2010," Mr Tan said.
“The approval process is not delaying work on the site, as preparation works for the Plant are already well underway.
“Galaxy has been granted permission from the ZFTZ authorities to commence the plant foundation piling at the end of February in time for the construction in April 2010."
A ceremony will be conducted at the Zhangjiagang site, Jiangsu Province on February 21 to bless the site and to officially mark the commencement of the Lithium Carbonate Project.
Galaxy will soon become one of the world’s leading producers of lithium – the essential component for powering the world’s fast expanding fleet of hybrid and electric cars. By 2010, GXY’s Mt Cattlin mine will be the world’s second largest hard rock producer of lithium and, through the development of its value adding lithium carbonate plant (17,000 tpa), the Company will be the largest and lowest cost lithium producer in China.
Lithium concentrate and lithium carbonate materials are forecast to be in short supply against high future demand due to advances in long life batteries and sophisticated electronics including mobile phones and computers.
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