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INTERCEPTS Sun 20/04/2014

Galaxy welcomes lithium price rise

17th May 2012
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PRINCETON, USA, May 17 – A substantial increase in global lithium prices announced by major supplier Rockwood Lithium has been welcomed by new Australian producer Galaxy Resources.

Rockwood Lithium, a division of global inorganic chemicals and advanced materials company Rockwood Holdings, announced this week it will increase prices for its lithium salts, especially lithium carbonate and lithium hydroxide, by up to $US1,000/metric tonne as contracts permit effective July 1.

According to First Analysis Securities Corporation, the $1000/t equates to about a 22% increase based on a basket of lithium commodity products and with some variations on each product. It follows a 20% increase in June 2011.

The analyst expects US-based major FMC Corporation to follow with its own increase and Chilean major Sociedad Química y Minera de Chile (SQM) is likely to play along as it has since the mid-2011 increases from ROC and FMC.

Galaxy MD Iggy Tan says the increase is an encouraging sign for its wholly owned Jiangsu lithium carbonate plant in China, where it commenced operations in April. With Jiangsu at full capacity producing 17,000tpa battery (high purity) grade lithium carbonate, Galaxy will be the largest producer of lithium compounds in the Asia Pacific and fourth largest in the world.

Feedstock for the Jiangsu plant is from Galaxy’s 100%-owned Mt Cattlin project near Ravensthorpe in Western Australia, mining and processing lithium-bearing pegmatite ore to produce at full capacity 137,000tpa spodumene (lithium mineral) concentrate and 56,000tpa tantalum by-product.

 

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