Australia's Galaxy begins Li resource preservation mode
Australian lithium producer Galaxy Resources is prioritising "resource life preservation" at its Mt Cattlin mine in Western Australia, in response to continued weak market conditions in the global lithium market.
Mt Cattlin's mineral resource estimate has been updated to 14.5mn t grading 1.29pc lithium oxide and 157 parts per million (ppm) tantalum pentoxide, after depleting 2.1mn t from mining operations. Mt Cattlin's ore reserve has been updated to 8.2mn t grading 1.29pc lithium oxide and 155ppm tantalum pentoxide.
Galaxy, along with a few other Australian lithium producers, is sharply cutting lithium output until market conditions improve. It expects Mt Cattlin to produce 14,000-20,000 dmt of lithium concentrate in January-March compared to 43,222 dmt in October-December. The mine produced 191,569 dmt of lithium concentrate in 2019 and sold 132,687 dmt to off take partners in China.
Galaxy will mine and process 60pc less ore in 2020 than it did in 2019 as it attempts to align its production with market demand.
The company is also in the early stages of developing the Sal de Vida lithium brine project in Argentina and the James Bay hard rock lithium project in Canada.
By Angus Macmillan
source: Argus Media
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