Galaxy Resources GXY Sal de Vida Mt Cattlin 2

Galaxy Resources (ASX:GXY) continues to develop its Sal de vida project, as it has started to develop the project based on the development budget and schedule. The first production well has been completed up to a depth of 150 meters, and this first well will be used to supply the brine solution to the evaporation ponds.

Galaxy has now also completed a topographic study, mapping 3,000 hectares of the Sal de Vida project to figure out where the initial evaporation ponds and subsequent full scale commercial ponds should be constructed. Two areas have been highlighted, and these two zones will very likely host Galaxy’s first evaporation ponds. The construction of these ponds is expected to start later this year.

The project was already full permitted, but the Catamarca province has now also renewed Galaxy’s environmental permit, which is another important ‘thumbs up’ for the project.

Galaxy Resources GXY Sal de Vida Mt Cattlin 1

Meanwhile, Galaxy has now completed the shipments of its Mt Cattlin spodumene production based on the 2016 contract terms, and all future shipments will be priced according to the 2017 price levels ($830 for 5.5% Li20 up to $905  for 6% Li20). Should Galaxy be able to  keep the average grade stable at the 5.82% of the third batch, it will receive north of $850 per tonne of lithium concentrate.

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