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Galaxy Resources to cut mining rates at Mount Cattlin lithium project by 40%

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Galaxy Resources to cut mining rates at Mount Cattlin lithium project by 40%

Galaxy Resources Ltd. expects to cut mining rates at its Mount Cattlin lithium mine in Western Australia by 40% in 2020 as it looks to reduce costs amid low lithium prices.

The company is reviewing the Mount Cattlin operations to determine the optimal scale of operations.

Galaxy will co-treat stockpiled ore by implementing ore sorters, which will allow concentrate production at about 75% of the current rate, it said Oct. 24.

"Production volumes plus the existing product stockpiles are expected to be sufficient to meet the requirements of contracted customers in 2020," the company said.

The company said there will be no change in staff levels and contractors, allowing quick ramp-up to full production rates when market conditions improve.

Galaxy shipped 58,278 dry tonnes of lithium concentrate in the third quarter, below the guidance range of 60,000 dry tonnes to 70,000 dry tonnes.

In August, Galaxy flagged a noncash impairment of US$150 million to US$185 million in the first half, following a review of the Mount Cattlin mine, attributed to mine development costs related to its acquisition of General Mining Corp. Ltd. and deferred tax assets arising from capitalized tax losses.