AT A GLANCE: Lithium miner Galaxy achieves Q1 2020 production target, cautious on 2020 sales outlook due to Covid-19

A summary of Australia-based lithium miner Galaxy Resources Ltd's production results for the first quarter of 2020.

In brief

  • Mt Cattlin operations in Western Australia resumed on schedule in February -after a six-week planned outage.
  • MT Cattlin’s site operational strategy aimed at drawing down inventory levels and prioritizing low-grade ore for processing.
  • First-quarter lithium concentrate output was in line with production guidance, while a shipment of 32,512 tonnes generated positive free cashflows and halved inventory carried over from 2019.
  • Stage one development work at the Sal de Vida brine project in Argentina targeting lithium carbonate production continued as planned.
  • Galaxy is committed to achieve key 2020 forecast operating parameters at Mt Cattlin’s operations of 1,600,000-1,800,000 billion cubic meters (bcm) material mined within 2020 and 90,000-105,000 bcm of lithium concentrate production for 2020.
  • The company said the full impact of Covid-19 on sales remains "uncertain and fluid."
Lithium concentrate production:
Q1: 14,306 tonnes
Q2 forecast: 25,000-30,000 tonnes

Dalila Ouerghi

dalila.ouerghi@fastmarkets.com

Published

Dalila Ouerghi

April 23, 2020

17:14 GMT

London