Galaxy resources Mt Cattlin mining volumes decrease by 8% 3Q18

Company News

by Anna Napoli

Galaxy Resources (ASX:GXY) has provided a market update with total mining volumes at its Mt Cattlin mine down by 8 per cent for the September quarter.

The drop was due to a delay in receiving permits for planned access east of Floater road.

Treated ore increased slightly by 1 per cent to over 441 thousand wet metric tones.

During the quarter the miner inked a deal with POSCO to sell a package of tenements at its Sal De Vida project in Argentina for US$280 million.

Galaxy had US$54.7 million in cash and liquid securities at the end of the quarter and zero debt.

Shares in Galaxy Resources (ASX:GXY) closed 1.27 per cent lower at $2.33 on Wednesday.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.