Galaxy Resources Limited
(ASX:GXY) has filed an Environmental and Social Impact Statement for its 70 per cent owned Sal de Vida Lithium and Potash Brine Project in Argentina.
The lithium mining, chemicals and battery company acquired a majority stake in the project as part of its $109 million merger with Canadian lithium and potash exploration and development company, Lithium One, earlier this year.
While Galaxy believes Sal de Vida will become its next flagship asset the decision to proceed with the project will only be made early next year when Galaxy’s Jiangsu operation is expected to be cash positive.
Managing Director Iggy Tan says while Galaxy’s upmost priority is to ramp up its Jiangsu Lithium Carbonate Plant in China the background work for the development of Sal de Vida is also important.
In the 2012 financial year Galaxy Resources recorded a net loss of $49.6 million.
