Finance Update
Perth, Sep 28, 2012 AEST (ABN Newswire) - Galaxy Resources (
ASX:GXY) is pleased to announce that the initial repayment of the Company's working capital loan to China Construction Bank Limited ("CCB") has been successfully re-financed to September 2013.
Galaxy stated that it was in the process of negotiating with CCB to refinance the repayment in its condensed consolidated interim financial report for the quarter and half year ended 30 June 2012.
The first repayment of A$9.4 million (RMB 60 million) is now due in September 2013.
About Galaxy Resources Limited
Galaxy Resources Limited (ASX:GXY) (OTCMKTS:GALXF) is an international S&P / ASX 200 Index company with lithium production facilities, hard rock mines and brine assets in Australia, Canada and Argentina. It wholly owns and operates the Mt Cattlin mine in Ravensthorpe Western Australia, which is currently producing spodumene and tantalum concentrate, and the James Bay lithium pegmatite project in Quebec, Canada.
Galaxy is advancing plans to develop the Sal de Vida lithium and potash brine project in Argentina situated in the lithium triangle (where Chile, Argentina and Bolivia meet), which is currently the source of 60% of global lithium production. Sal de Vida has excellent potential as a low cost brine-based lithium carbonate production facility.
Lithium compounds are used in the manufacture of ceramics, glass, and consumer electronics and are an essential cathode material for long life lithium-ion batteries used in hybrid and electric vehicles, as well as mass energy storage systems. Galaxy is bullish about the global lithium demand outlook and is aiming to become a major producer of lithium products.
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