Tuesday, January 3, 2017
Galaxy Resources ships first lithium from mine in Australia
Western Australia continues to stake its claim as the world's lithium mining capital, with Galaxy Resources waving off the first shipment from its recommissioned Mt Cattlin mine near Ravensthorpe.
About 10,000 tonnes of lithium concentrate left Esperance Port on January 2 aboard NY Trader 1 bound for Lianyungang Port in China.
The first shipment was valued at $US6 million, with Galaxy planning production of 160,000 tonnes this year.
Galaxy Resources was the lithium stock I bought after I sold my shares in lithium producer Orocobre. Shipping concentrate and ramping up operations in a tight lithium market should bode well for cashflow and the share price. I continue to like Galaxy Resources as my top lithium stock.