Galaxy selects China site for plant

11/05/2009 - 13:32

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West Perth-based Galaxy Resources has selected a site in China for its proposed lithium carbonate plant that will process ore from its $68 million Mt Cattlin project near Ravensthorpe.

West Perth-based Galaxy Resources has selected a site in China for its proposed lithium carbonate plant that will process ore from its $68 million Mt Cattlin project near Ravensthorpe.

 

The announcement is below:

 

GALAXY SELECTS SITE FOR LITHIUM CARBONATE PLANT IN CHINA

Highlights

- Location selected for proposed lithium carbonate plant in Jiangsu Province of China

- Letter of Intent (LOI) signed with the Jiangsu Province Zhangjiagang Free Trade Zone (JPZFTZ) Administrative Committee to secure the site

- Proposed site has easy access to utilities, consumables and processing materials required for lithium carbonate production.

Emerging lithium producer, Galaxy Resources Limited (ASX: GXY) today announced it has selected a location for its proposed lithium carbonate plant in China. The site selected is within the Jiangsu Province Zhangjiagang Free Trade Zone of the Yangtze River International Chemical Industrial Park in Jiangsu Province of China.

Galaxy has signed a Letter of Intent (LOI) with the Jiangsu Province Zhangjiagang Free Trade Zone (JPZFTZ) Administrative Committee, an agency of Jiangsu Province People's Government to secure the site.

The Yangtze River International Chemical Industrial Park (Chemical Industrial Park) has in excess of 3,379 enterprises including 40 international companies. It is close to the Zhangjiagang port, one of the largest international trade deep water ports along the Yangtze River Valley and the major distributing port in China for containers, timber, plant oil, steel and chemicals. It is also an important cargo transfer port to connect the middle and western parts of China and the provinces alongside the Yangtze River.

In the agreed LOI, the JPZFTZ Administrative Committee has agreed to reserve 53,000 m2 of the proposed land within the Chemical Industrial Park for Galaxy for two years. The site is around 500m from a wharf berth and has access to nine utilities such as water supply, sewage treatment, power supply, steam, telecommunication, natural gas, fire-fighting facilities and paved roads. It is envisaged that Galaxy's spodumene product will be shipped and unloaded at the Zhangjiagang port and transferred to the nearby lithium carbonate plant by conveyor 500m from the berth for conversion.

The LOI is valid but not legally binding, Galaxy shall undergo a public bidding process for the land use right over the reserved land as required by the laws of China.

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