Galaxy Signs Term Sheet for Mt Cattlin Project

Galaxy Resources Ltd of Australia has signed a binding term sheet with General Mining Corp Ltd (GMM) of Australia in respect of the Mt Cattlin project located in Ravensthorpe, Western Australia. The deal gives GMM the sole and exclusive rights to operate Mt Cattlin for a period of three years together with the option to purchase Mt Cattlin at any time during that period. The purchase price is AUS$30 million (US$23 million) plus a 3% net smelter return. The Mt Cattlin operation comprises a lithium pegmatite mine and an on site processing plant that produces a spodumene concentrate and tantalum byproduct. Nemaska Lithium Inc of Quebec City, QC has secured a CDN$12.87 million technology commercialization grant for its phase I lithium hydroxide hydromet plant from Sustainable Development Technology Canada. The phase I plant is designed to produce 500 tonnes/year of high purity lithium hydroxide. Once built, the company intends to use the facility to demonstrate its proprietary lithium hydroxide technology and produce samples for potential customers primarily in the lithium battery market.

Volume 29 issue 4

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