Following its recent merger with Canadian based Lithium One, Galaxy Resources Limited
(ASX:GXY) says it plans to advance its lithium and potash brine project Sal De Vida in Argentina, where it has a 70 per cent stake.
Galaxy says it plans to develop a mine and battery grade lithium carbonate plant to meet growing demand for lithium sector.
The lithium mining, chemicals and battery company forecasts growth in the sector of more than three times in the next eight years.
Galaxy’s Managing Director says it will not make a final investment decision in the Argentinean project until its Jiangsu lithium plant achieves positive cash flow.
In the 2012 financial year Galaxy Resources booked a net loss of $49.6 million.
