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Australia s Orocobre buying Galaxy for $1 4 billion to create world No 5 lithium miner
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Australia s Orocobre buys Galaxy to make world s fifth-largest lithium company
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Australia s Orocobre buys Galaxy to make world s fifth-largest lithium company
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The development plan for Sal de Vida in Argentina has brought more clarity to the outlook for lithium producer Galaxy Resources ((GXY)). The plan is to produce battery-grade lithium carbonate in three stages at 10,700tpa each, with stage I to be commissioned by the end of 2022.
The product mix consisting of 80% battery grade is higher than Ord Minnett previously expected, while the unit costs are lower. There is also potential upside from higher reserve grades. The larger scope of the project also underpinned Macquarie’s basis for upgrading the stock to Outperform recently, with production rates guided at 28% above the long-term base case.
EnergyAustralia s lithium miners bank on brighter times ahead as prices soar
Reuters
3 minutes read
Lithium-ion automotive batteries are seen at SVOLT Energy Technology, in Changzhou, Jiangsu province, China November 27, 2019. REUTERS/Aly Song/File Photo
Australian-listed lithium miners are preparing for better times ahead, filings showed this week, as they outlined expansion plans in the wake of soaring prices for the raw material used in electric vehicle batteries.
Mineral Resources Ltd (MIN.AX), Orocobre Ltd (ORE.AX) and Galaxy Resources (GXY.AX) filed reports that pointed to a rebound in lithium demand, through better sales and building out new projects, flagging upbeat earnings as the reporting season begins next week.