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Australia: Galaxy’s big charge on lithium

AUSTRALIA’S Galaxy Resources could become the world’s biggest battery-grade lithium producer following a merger with Canada’s Lithium One and a $50 million book-building exercise.
The merger, still subject to a May 17 shareholder vote, would also create the largest pure-play lithium producer by market value, according to Galaxy’s managing director, Iggy Tan.
Each Lithium One share would be traded for 1.8 fully paid ordinary Galaxy shares, under Galaxy’s March 15 offer.
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The merger would pull together Lithium One’s Sal de Vida development in Argentina with Galaxy’s Mount Cattlin mine in Western Australia, a plant in eastern China’s Jiangsu province and the lithium-ion battery project.
With a market capitalisation of about $320 million, Galaxy started book-building on Friday to raise an extra $50 million.
”We are looking at building a pure-play lithium company with a market cap close to half a billion dollars,” Mr Tan said.
Lithium mines typically took about five years to come online, he said, but demand for the commodity was surging.
”Our view is that you need to find those resources, you need to bring them into production, in anticipation of this demand that’s coming,” Mr Tan said.
”The lithium battery is now in your laptops, your mobile phones, your iPads. It’s now moving into power tools.

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