Galaxy to update on plant sale
Shareholders in Galaxy Resources have a nervous wait for the company to release an update on the $US230 million sale of its Chinese lithium carbonate plant to Sichuan Tianqi Lithium Industries.
Galaxy announced the company-saving deal, which it described at the time as binding, in April last year.
Tianqi paid a $US12.2 million deposit for the plant at the time of the initial agreement and Galaxy has since drawn down $US30 million from Tianqi via a loan facility to be repaid at the completion of the transaction.
Galaxy has always noted the deal is subject to several regulatory approvals in China, which it has in the past described as "rigorous, complicated and protracted".
The company is expected to update the market on the deal before the open on Tuesday.
Shares in the company last changed hands for 2.5 cents.
