Galaxy Resources produces 14306 dry tons of Lithium concentrate in the first quarter, resulting in a decline in output and an increase in Transportation costs in the quarter

SMM: recent conditions show that Galaxy Resources Mining is taking a more flexible strategy to deal with the lithium market in 2020.

Production and sales situation in the first quarter of 2020 and production Plan for the whole of 2020

Due to the reduction in production in February, the unit transportation (FOB) cost of lithium concentrate in the quarter was $592 / dry ton, but quarterly production was on the rise, with a unit transportation (FOB) cost of $399 / dry ton in March.

As new refining equipment will be built by the end of February and put into production at the end of the summer overhaul, production is expected to gradually rise in the second quarter to meet full-year expectations.

Galaxy Resources produced 14306 dry tons of lithium concentrate in the first quarter. Meet the target production target of 14000-17000 dry tons in the previous production guidelines. On March 11, 32512 dry tons of lithium concentrate were shipped at Esperance Port, after 15000 dry tons of lithium concentrate reached a sales agreement in the fourth quarter of 2019, but was not shipped and is expected to be shipped at the end of April.

Galaxy Resources second quarter lithium concentrate production is expected to be 25000-30000 dry tons, as of the end of March, there are 46000 dry tons of inventory, can meet the needs of existing contracts, if customers have additional demand, the company can also increase production quickly.

The production of lithium carbonate is mainly carried out by Galactic Resources in the first phase of the project located in SAL DE VIDA Salt Lake.

At the end of the first quarter, Galaxy Resources had $129 million in assets and no debt. In addition, due to the current market uncertainty, management applied for a 20% pay cut.

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