[SMM News] Galaxy Resources: Q1 produces 41874 metric tons of spodumene concentrate

SMM4 23 March news: recently, Galaxy Resources (GALAXY RESOURCES LIMITED) released its first quarter financial report, according to the report, the company produced a total of 41874 metric tons of spodumene concentrate, of which production in March was 17021 dry metric tons.

As a result of the increase in the stripping ratio, total mining increased by 18 per cent compared with the previous quarter. The ore grade mined this quarter is consistent with the fourth quarter of 2018, but is still below average reserves due to dilution of low-grade pegmatite. The current remaining mine plans indicate that the grade of the mined ore will continue to improve and will on average be in line with the reserves of 1.15% lithium oxide.

Due to the improvement of ore processing grade, the ore handling capacity increased by 3%, the recovery rate increased by 51%, and the output reached 41874 dry tons, an increase of 24% over the previous quarter. (quarter-on-quarter ratio rose from 107% to 115%)

Historically, the grade of mined ore has been lower than that of processed ore. The average grade of ore mined in 2018 is 100%, while the grade of processed ore is 108%. This trend continued in the first quarter of 2019, with an average mining grade of 1.03% and a processed head grade of 115%. The difference is due to the fact that the ore grade mined is estimated by the resource and grade control model, while the ore grade processed is the grade number measured and analyzed. In addition, the orebody contains large spodumene crystals and can create a "nugget" effect when evaluating resource data and estimating grades based on exploration drilling data.

Mt Cattlin achieved production of 17021 dry metric tons in March 2019, with a total recovery rate of 54 per cent, equivalent to an annual output of more than 200000 dry metric tons, reflecting current plant performance. The weighted average lithium oxide grade of spodumene produced in February and March was 5.75% lithium oxide, in line with the average final product grade during 2018. As the output optimization circuit was put into use, the final product grade continued to rise in April, with production reaching 5.9% for the whole month.

Mt Cattlin2019 second quarter production Guide: Galaxy plans to produce 45000 to 50000 dry metric tons of spodumene in the second quarter of 2019, compared with 180000 dry metric tons to 210000 dry metric tons for the whole year.

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