Galaxy optimistic on Sal De Vida future
PERTH (miningweekly.com) – ASX-listed Galaxy Resources is hoping the upcoming elections in Argentina will spell good news for its Sal De Vida lithium project.
The company on Wednesday said both the front-running presidential candidates were expected to bring about a much more positive economic environment where foreign direct investment would be welcomed.
While Galaxy awaited a political change in the country, the company had conducted a planned restructuring of staffing and an operational expenditure review, which resulted in a cost saving of some 40%.
Continued weakness in the Argentine currency had also resulted in further cost savings, Galaxy said.
Meanwhile, the junior said it had obtained a renewal of the Sal De Vida project's environmental-impact declaration. The project has been fully permitted through to construction from both the Salta and Catamarca provinces.
A 2013 feasibility study estimated that the Sal De Vida project would require a capital investment of some $369.2-million to support yearly production of 25 000 t/y of battery-grade lithium carbonate and 95 000 t/y of potash over a 40-year mine life.
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