Galaxy Resources Limited
(ASX:GXY) has forward sold 60,000 tonnes of lithium concentrate from the Mt Cattlin project in Ravensthorpe, Western Australia.
Binding agreements were signed with two China-based buyers.
Of the US$36 million sale, US$18 million will be paid as a prepayment, with funds due to be received on or before 31 March 2016.
Galaxy Resources and General Mining has also agreed to deliver 120,000 tonnes of lithium concentrate in 2017 to the same Chinese customers at a sale price to be agreed during Q4 2016, based upon prevailing market conditions at that time.
Galaxy Resources recorded a net profit of $55.01 million at 30 June 2015.
