Galaxy Resources Limited

( ASX:GXY ) - Materials


Galaxy Finds Solution To Brine Project Funding

Galaxy Resources ((GXY)) has found a neat solution to its funding needs for the Sal de Vida lithium brine project in Argentina, brokers observe. The company has entered a non-binding agreement with POSCO to sell 28% of the Sal de Vida measured and indicated (M&I) resource for US$280m. This will enable Galaxy to largely fund development of the broader portfolio.

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Analyst Views

GXY – Citi rates the stock as Buy

Galaxy Resources has made a strategic equity investment of $22.5m in Alliance Mineral ((A40)). This takes its holding to 12%. Alliance Mineral is currently ramping up the Bald Hill lithium project in Western Australia and has guided to production of 240,000t of spodumene concentrate in FY20.

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