Australian mining company Galaxy resources announced that it has received "several offers" from "potential strategic partners" for its project Sal de Vida, one of the largest high-quality lithium reserves – still undeveloped – on the planet. Every proposal, the company added in a statement released on Monday, has been evaluated in detail.
Sal de Vida is a project for lithium and potassium solisol Catamaran, in the call "Lithium Triangle" (borders between Chile, Argentina and Bolivia), where 60% of the world's production of this mineral. "Given the superior quality of Sal de Vida as a long-term operation, low cost and excellent economic potential, the Galaxy will only continue with a strategic partner if the ultimate terms of the connection recognize, respectively, the fundamental fundamental value of Sal de Vida and a partner can add value to the project, both technically and financially"explained the mining company.
"The company will continue to focus on the short-term progress of Sal de Vida, which will continue regardless of the ongoing strategic process," the current strong financial situation of the Galaxy, with zero debt and a solid cash flow from Mount Katlin (N.d.R .: a mining project in Australia), will allow a testing understanding the market and process of pricing, without affecting the timeframe of the project, "he added.
Galaxy pointed out that Sal de Vida is one of the largest unmanaged lithium reserves. It has 1.14 million tonnes of lithium carbonate equivalent (LCE, according to its acronym in English), which supports the initial lifespan of a 40-year project that will add a resource of 4.92 million and "significant upside". In addition, it has a favorable chemical salt, the largest concentration of lithium for resources developed in Argentina and low levels of impurities, stressed.
The project has greatly reduced its financial risk, after which, as announced on Monday, Galaxy raised U $ S 280 million euros for sale in South Korea Posco participation in the catamarqueño project Salar of the Dead Man, in Catamarca. It is the northern basin of Sal de Vida.