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Galaxy Resources flags up to US$185M impairment on Mount Cattlin in H1'19

Galaxy Resources Ltd. flagged a noncash impairment of US$150 million to US$185 million in the first half following a review of its flagship Mount Cattlin lithium mine in Western Australia.

The write-down was attributed to mine development costs related to its acquisition of General Mining Ltd. and deferred tax assets arising from capitalized tax losses. It will not have any impact on cash flow, operations or banking covenants, the company said Aug. 7.

Galaxy noted that as of June 30, it had US$176.3 million in cash, US$27.2 million in marketable securities and no debt.

An August 2018 estimate for Mount Cattlin outlined a total resource of 97,000 tonnes of lithium oxide contained in 9.7 million tonnes grading 1.35% lithium oxide.

The company is said to be seeking a Chinese partner that can help build a 25,000-tonne-per-year lithium processing plant in China where spodumene concentrate from Mount Cattlin will be processed into either lithium carbonate or lithium hydroxide.