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Galaxy eyes e-bike market with lithium plant
By Richard Fu |
March 8, 2012, Thursday
|
Online Edition
Online Edition
AUSTRALIAN miner Galaxy Resources Ltd is eying China's booming electric bicycle market as it opened an A$100 million (US$106 million) lithium carbonate plant in eastern Jiangsu Province yesterday.
The 17,000 ton-a-year Zhangjiagang plant, largest of its kind in the Asia Pacific region, will use lithium concentrate from Galaxy's Mt Cattlin mine in Western Australia and process it further to produce high-grade lithium carbonate for the lithium-ion battery sector.
The commissioning marked a key step in Galaxy becoming an integrated company from mining to processing in the lithium supply chain.
Managing Director Iggy Tan said Galaxy plans to move further up the value chain by setting up a battery-making facility nearby.
He said the proposed battery plant will make products for electric bikes, rather than for electric vehicles or electronic products, citing potential huge growth.
About 30 million electric bikes were made last year in China, and more than 90 percent of the cells being produced for electric bikes are lead-based. The government has closed hundreds of lead-acid battery factories after a spate of poisoning cases caused by the heavy metal were reported across the nation.
Tan said it may take time for the electric vehicle market to boom in China mainly due to technological hurdles, though the sector will greatly boost lithium battery demand in the long run.
Sydney-listed Galaxy had planned a Hong Kong IPO last year but called it off in March after the Japan earthquake and Middle East upheavals which triggered turmoil in the financial markets. Tan said a Hong Kong listing is off the cards in the near term.
The 17,000 ton-a-year Zhangjiagang plant, largest of its kind in the Asia Pacific region, will use lithium concentrate from Galaxy's Mt Cattlin mine in Western Australia and process it further to produce high-grade lithium carbonate for the lithium-ion battery sector.
The commissioning marked a key step in Galaxy becoming an integrated company from mining to processing in the lithium supply chain.
Managing Director Iggy Tan said Galaxy plans to move further up the value chain by setting up a battery-making facility nearby.
He said the proposed battery plant will make products for electric bikes, rather than for electric vehicles or electronic products, citing potential huge growth.
About 30 million electric bikes were made last year in China, and more than 90 percent of the cells being produced for electric bikes are lead-based. The government has closed hundreds of lead-acid battery factories after a spate of poisoning cases caused by the heavy metal were reported across the nation.
Tan said it may take time for the electric vehicle market to boom in China mainly due to technological hurdles, though the sector will greatly boost lithium battery demand in the long run.
Sydney-listed Galaxy had planned a Hong Kong IPO last year but called it off in March after the Japan earthquake and Middle East upheavals which triggered turmoil in the financial markets. Tan said a Hong Kong listing is off the cards in the near term.
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