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Galaxy enters off-take for further 15,000 tonnes lithium in FY'16, 60,000 tonnes in FY'17

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Galaxy enters off-take for further 15,000 tonnes lithium in FY'16, 60,000 tonnes in FY'17

General MiningCorp. Ltd. has entered a second off-take agreement with anotherChinese customer and MitsubishiCorp. to supply 15,000 tonnes of lithium concentrate for the currentcalendar year and 60,000 tonnes for 2017, according to a July 12 news release.

The company has received a pre-payment of US$4.5 million onbehalf of its MountCattlin lithium joint venture in Western Australia with

The terms of the agreement are the same as the previousoff-take deal for60,000 tonnes of lithium-bearing spodumene concentrate, entered in March.

The joint venture partners have also decided to retain15,000 tonnes of this year's forecast production for a potential spot orauction sale process later this year.

In total, the joint venture has now entered into definitivecontracts for 45,000 tonnes this year, received 50% of the contract value asprepayments equal to US$13.5 million, and contracted a total of 120,000 tonnesof 2017 production.

Meanwhile, Galaxy received A$1.5 million from General Miningas the first quarterly installment of the A$6 million per annum progresspayment due on the Mount Cattlin project, and has used it to pay backapproximately A$1.1 million of its corporate debt facility with OCP Asia.

Galaxy and General Mining are , creating a lithium miner with amarket cap exceeding A$700 million.