Galaxy Resources Limited (ASX:GXY) has signed off-take framework agreements with 13 Chinese electric bicycle manufacturers.
The five year agreements are for 100 per cent of the battery production from its proposed Lithium-Ion Battery Project in China.
The emerging lithium producer says the off-take framework agreements are important preparatory work for the company’s proposed pipeline Battery Project.
Managing Director, Iggy Tan, says completing the lithium carbonate plant in China remains the company’s first priority.
In the 2010 financial year Galaxy Resources recorded a net loss of $29.6 million.
