CAPITAL MARKETS

Second Galaxy shipment imminent

Lithium spodumene sailing from Esperance in two weeks

Michael Quinn
Second Galaxy shipment imminent

The company said a second shipment from the port of Esperance is expected later this month, with about 15,000 tonnes averaging 5.5% lithium oxide set to be exported.

Galaxy also said processing of ore at Mt Cattlin was expected to reach design capacity of 210t per hour within the next week.

The company’s first shipment occurred last month.

Galaxy has previously forecast production of 160,000 tonnes in 2017.

Broad analyst estimates include concentrate pricing of about $A1000 per tonne and FOB costs of about $500/t.

The operational update follows the company’s $61 million equity raising earlier this week, with funds from that used to strengthen Galaxy’s balance sheet and allow it progress new development opportunities it has in Argentina and Canada.

Shares in Galaxy were upby over 5% to 58c in early trade, capitalising the company at over $1.08 billion.

The stock was at 14c 12 months ago, while the raising this week priced the new shares at 54c.  

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