Galaxy Resources to raise US $118 million for Argentine Lithium Project

SMM11: recently, Australian lithium miner Galaxy Resources (Galaxy Resources) said it plans to raise 161 million Australian dollars (US $118 million) to finance lithium projects in Argentina and Canada.

Most of the funds raised will be used to advance the first phase of the company's Sal de Vida lithium brine project in Argentina. The engineering and design of the first phase of the project is expected to be completed in the first quarter of next year and is expected to be put into production for the first time by the end of 2022.

Galaxy Resources aims to operate at Sal de Vida for 40 years, producing 25000 tons of lithium carbonate for batteries each year.