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Australia’s Galaxy signs LOI for site of proposed Li-ion battery project in China

Australia-based emerging lithium producer, Galaxy Resources Limited , has signed a non-binding Letter of Intent (LOI) for the site of a proposed lithium-ion battery project in China.

The LOI has been signed with the Jiangsu Province Zhangjiagang Free Trade Zone Administrative Committee (JPZFTZ) for a 10 hectare site, located in the Jiangsu Eco-Friendly New Materials Industrial Park. Galaxy Managing Director Iggy Tan said the site is an ideal location for the proposed lithium ion battery facility, located only several kilometers from the Company’s Jiangsu lithium carbonate project and close to many of the utilities, consumables and processing materials required for battery production.

In addition, the proposed site is in close proximity to some of the major Chinese electric bike manufacturers located in the Jiangsu and neighboring Zhejiang Provinces.

In addition to the LOI, there are a number of conditions that must be satisfied prior to entering into a binding agreement. For example, Galaxy has to take part in a public bidding process for the land use rights, as required under Chinese law, and the project must be approved by Galaxy’s Board of Directors.

Development of the lithium battery project remains at a preliminary stage; Galaxy says that it is not yet in the position to decide whether it will commence construction of the project in the future or at all. Before commencement of construction, Galaxy will need to, among other things, further evaluate the opportunity from a technical, financial and marketing perspective, enter into agreements with potential suppliers and customers, obtain the necessary land use rights and approvals from the relevant authorities and Galaxy’s Board of Directors, and raise further funding.

Comments

HarveyD

Meeting all conditions may take a few years in many countries but it seems to go faster in China. Has anybody kept track of how many advanced battery factories are being built in China?

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