Why the Galaxy Resources (ASX:GXY) share price is falling today
Nikhil Gangaram | March 17, 2021 11:27am |
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Galaxy Resources Limited(ASX: GXY) shares are sinking today after the company released an update to the market earlier this morning. At the time of writing the Galaxy share price is trading 1.59% lower at $2.47.
Here’s what the company had to say.
Update on resource and ore reserves
The Galaxy share price is sliding lower today after the company updated the mineral resource and ore reserve estimates for its Mt Cattlin operation in Western Australian.
As at 31 December 2020, Mt Cattlin mineral resources were estimated at 12.0Mt (tonnage) at a grade of 1.3% Li2O. Ore reserve estimates were revised to 8.0Mt at a grade of 1.1% Li2O. The company noted that ore reserves had depleted by 0.25Mt due to reduced mining activity.