AT A GLANCE: Galaxy H1 sales exceed production, keeping miner on track to meet 2020 guidance
A summary of Australia-based lithium miner Galaxy Resources’ results for the second quarter of 2020 as released on Thursday July 23.
- A total of 26,030 dry metric tonnes (dmt) of spodumene concentrate was shipped to two customers in June from the MT Cattlin operations in Western Australia, bringing total first-half shipments to 58,542 dmt this year.
- Final product inventory as of the end of the second quarter fell to 49,463 dmt, due to sales during the first half of the year exceeding production by over 13,000 dmt.
- The company is on track to meet its key operating parameter forecast for 2020 including total material mined of 1.6-1.8 million bank cubic meters.
- The company forecasts spodumene concentrate production for the third quarter at 26,000-31,000 dmt.
- The development schedule of its Sal de Vida project in Argentina was affected by Covid-19 restrictions but remains on target for stage one production in 2022.
- Shipments are currently being made on a spot basis due to continued weak demand across the entire lithium value supply chain.