15 july 2009 for personal use only - asxjul 15, 2009 · china lithium carbonate project ave values...
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GALAXY RESOURCES LIMITED ABN: 11 071 976 442
Level 2, 16 Ord Street, West Perth WA 6005 PO Box 1505, Subiaco WA 6904 T: +61 8 9215 1700 F: +61 8 9215 1799 www.galaxyresources.com.au
15 July 2009 Company Announcements Office ASX Limited 4th Floor 20 Bridge Street SYDNEY NSW 2000 Via: www.asxonline.com Dear Sir/Madam,
Presentation to South Australian Resources Chinese Investment Congress 2009 Galaxy Resources Limited (ASX: GXY) are pleased to provide the presentation being given by the Managing Director to the South Australian Resources Chinese Investment Congress 2009 on Wednesday, 15 July 2009. Yours faithfully, for GALAXY RESOURCES LTD
John Sobolewski Company Secretary
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meeting a lithium future
INVESTMENT IN CHINA - WHATS IN IT FOR US?INVESTMENT IN CHINA - WHATS IN IT FOR US?
Galaxy Resources LimitedGalaxy Resources Limited
By Iggy Tany ggyManaging Director
Galaxy Resources Limited
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meeting a lithium future
The following presentation represents Galaxy’s management’s best judgment at the time of presentation The contents include The following presentation represents Galaxy s management s best judgment at the time of presentation. The contents include forward looking statements prepared on the basis of assumptions which may prove to be incorrect. This presentation should not be relied upon as recommendation or forecast by Galaxy Resources Limited. No representation or warranty is made as to accuracy, completeness or reliability of the information
The information in this report that relates to Mineral Resources and Ore Reserves is based on information compiled by Mr. Robert Spiers who is a full time employee of Hellman & Schofield Pty Ltd and who is a Member of the Australian Institute of Geoscientists Mr Spiers has sufficient experience which is relevant to the style of mineralisation and type of deposit under Geoscientists. Mr. Spiers has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Spiers consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
The information in this report that relates to Exploration Results is based on information compiled by Mr Philip Tornatora who is a full time employee of the Company and who is a Member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Mr. Tornatora has sufficient experience which is relevant to the style of mineralisation and t f d it d id ti d t th ti it h i d t ki t lif C t t P d fi d i th type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Tornatora consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
Galaxy Resources Limited
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GALAXY RESOURCES LIMITEDGALAXY RESOURCES LIMITEDmeeting a lithium future
GALAXY RESOURCES LIMITEDGALAXY RESOURCES LIMITED
Australian CompanyAustralian CompanyListed on the ASX 2006Lithium for Lithium Ion BatteriesListed on the ASX 2006Lithium for Lithium Ion BatteriesAustralian mine and resourceDown stream value adding in ChinaAustralian mine and resourceDown stream value adding in ChinaInvestment and operation in China
Wh t’ i it f G l ?
Investment and operation in China
Wh t’ i it f G l ?What’s in it for Galaxy?What’s in it for Galaxy?
Galaxy Resources Limited
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FAST TRACK PRODUCT TO MARKETFAST TRACK PRODUCT TO MARKETmeeting a lithium future
FAST TRACK PRODUCT TO MARKETFAST TRACK PRODUCT TO MARKET
Q3 2010 Q4 2010Q3 2010 Q4 2010
Pit
SpodumeneConcentrate
Lithium Carbonate
Li hi C bMinerals PlantPit Lithium Carbonate Producer
Lithium Battery Producers
Electric Vehicle
Galaxy Resources Limited
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meeting a lithium future
VLithium Carbonate Lithium Carbonate
Our Visiont u Ca bo atet u Ca bo ateManufactureManufacture
Lithium Carbonate Lithium Carbonate
World Player in Lithium
Second largest hard rock mine in the worldDistributionDistribution
World’s fourth largest Lithium Carb producer
Spodumene Spodumene ShipmentsShipments
China largest Lithium Carb producer
Lowest cost producer in China
Strategic supplier of Lithium Carb to Asia
Spodumene MineSpodumene Mine
Galaxy Resources Limited
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LITHIUM ALL AROUND USLITHIUM ALL AROUND USmeeting a lithium future
LITHIUM ALL AROUND USLITHIUM ALL AROUND US
Manufacture of other lithium saltsManufacture of other lithium saltsPharmaceuticalsFuel cells, electricity cogenerationPharmaceuticalsFuel cells, electricity cogenerationGlass industry & optics screensEnamels, iron coatingGlass industry & optics screensEnamels, iron coatingGlass ceramics, telescope mirrorsAluminium productionGlass ceramics, telescope mirrorsAluminium productionConstruction, concreteLithium ion/polymer batteriesConstruction, concreteLithium ion/polymer batteriesp yp y
Galaxy Resources Limited
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meeting a lithium future
Galaxy Resources Limited
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meeting a lithium future
Galaxy Resources Limited
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meeting a lithium future
Galaxy Resources Limited
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ELECTRIC VEHICLE REVOLUTIONELECTRIC VEHICLE REVOLUTIONmeeting a lithium future
ELECTRIC VEHICLE REVOLUTIONELECTRIC VEHICLE REVOLUTION
Green Power
AutomobilesAutomobiles
EmissionsEmissions
HybridsHybrids
Reduced EmissionsReduced Emissions
Plug In Dual Mode
Plug In Dual Mode
Plug In ElectricPlug In Electric
Zero EmissionsZero Emissions
Li+
Increasing Use of LithiumIncreasing Use of Lithium
Galaxy Resources Limited
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WORLD IS CHANGINGWORLD IS CHANGINGmeeting a lithium future
WORLD IS CHANGINGWORLD IS CHANGING
1 mil PHEV by 2015$1 mil PHEV by 2015$$2 bil US domestic battery manufacturing$2 bil US domestic battery manufacturing$300 bil greentech plan$300 bil greentech plan
Galaxy Resources Limited
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meeting a lithium future
Misconception Misconception Misconception
Electric cars are small slow powerless
Misconception
Electric cars are small slow powerless Electric cars are small, slow, powerless city vehicles
Electric cars are small, slow, powerless city vehicles
Galaxy Resources Limited
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meeting a lithium future
0 to 60 mph in 3 9 secThe Tesla Roadster100% Electric
0 to 60 mph in 3.9 sec
U Lithi I b tt iUses Lithium Ion batteries
Galaxy Resources Limited
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meeting a lithium futureTop speed 125 mphr 244 miles per charge
Regenerative brakingg gCost 1c per mile
Top Gear Road
Galaxy Resources Limited
“the only emission is the sound of the radio”Top Gear Road Test
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LITHIUM ION BATTERIESLITHIUM ION BATTERIESmeeting a lithium future
LITHIUM ION BATTERIESLITHIUM ION BATTERIES
Voltage – 4 timesP ll ti F Cd Pb HVoltage – 4 timesP ll ti F Cd Pb H
ElectronsCharger
ElectronsCharger
Pollution Free – no Cd, Pb, HgLong Cycle Life- 500 charge/discharge Pollution Free – no Cd, Pb, HgLong Cycle Life- 500 charge/discharge
A dSeparator
Current
A dSeparator
CurrentGraphite Lithium Meta
Oxide
No Memory EffectFast Charge Capacity – 1-2 hoursNo Memory EffectFast Charge Capacity – 1-2 hours
+ + ++
Anode Cathode
Li+++ ++ +++
Anode Cathode
Li+Li+
Energy density x 2, price ¼ $36b today $51b in 2013Energy density x 2, price ¼ $36b today $51b in 2013
Li+
Li+Li+
Li+ Li+
Li+ Li+
Li+Li+
Li++
+Li+
Li+
Li+Li+
Li+Li+Li+Li+
Li+Li+ Li+Li+
Li+Li+ Li+Li+
Li+Li+Li+Li+
Li+Li++
+Li+Li+
Li+Li+
Galaxy Resources Limited
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LITHIUM BATTERY GROWTHLITHIUM BATTERY GROWTHmeeting a lithium future
LITHIUM BATTERY GROWTHLITHIUM BATTERY GROWTH
Lithium Ion BatteriesLithium Ion Batteries
Galaxy Resources Limited
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meeting a lithium future
Misconception Misconception Misconception
Energy efficiency of
Misconception
Energy efficiency of Energy efficiency of power plant / electric car
Energy efficiency of power plant / electric car
vs petrol car is similar vs petrol car is similar
Galaxy Resources Limited
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ENERGY EFFICIENCY COMPARISONENERGY EFFICIENCY COMPARISONmeeting a lithium future
ENERGY EFFICIENCY COMPARISONENERGY EFFICIENCY COMPARISON
30 mpg30 mpg
Petrol VehiclesPetrol Energy
100 mpg100 mpg
Power Station Electric Vehicles
Galaxy Resources Limited
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ENERGY EFFICIENCY COMPARISONENERGY EFFICIENCY COMPARISONmeeting a lithium future
ENERGY EFFICIENCY COMPARISONENERGY EFFICIENCY COMPARISON
Petrol VehiclesPetrol Energy
Zero PollutionZero PollutionZero PollutionZero EmissionZero PollutionZero Emission
Renewable Energy Electric Vehicles
Galaxy Resources Limited
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VALLEY FILLINGVALLEY FILLINGmeeting a lithium future
VALLEY FILLINGVALLEY FILLING
Total installed capacityElectricity system under utilisedElectricity system under utilised
Peak day load shape
Valley
Electricity system -under utilisedCapacity caters for the peakS t h i t ti
Electricity system -under utilisedCapacity caters for the peakS t h i t ti
Seasonal averageload shape
a eyFilling Smart re-charging station
EVs can use shaded areasSmart re-charging stationEVs can use shaded areas
load shapeUS Grid – 160 million EVsMass Energy storage SystemsUS Grid – 160 million EVsMass Energy storage Systems
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
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CAR MAKERS & BATTERY MAKERSCAR MAKERS & BATTERY MAKERSmeeting a lithium future
CAR MAKERS & BATTERY MAKERSCAR MAKERS & BATTERY MAKERS
Panasonic EV Energy
Automotive Energy SupplySupply
Lithium Energy Japan
Galaxy Resources Limited
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TYPICAL DEVELOPMENTTYPICAL DEVELOPMENTmeeting a lithium future
TYPICAL DEVELOPMENTTYPICAL DEVELOPMENT
Porsche 996
Subaru R1eSubaru R1e
Mitsubishi MiEV Sales in 2009
BMW Mini E
Mitsubishi MiEV Sales in 2009
Galaxy Resources Limited
GM Chevrolet Volt
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FULL CHARGE OF EV IN MINUTESFULL CHARGE OF EV IN MINUTESmeeting a lithium future
FULL CHARGE OF EV IN MINUTESFULL CHARGE OF EV IN MINUTES
Galaxy Resources Limited
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meeting a lithium future
Galaxy Resources Limited
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CONSUMER CHINA SURVEYCONSUMER CHINA SURVEYmeeting a lithium future
CONSUMER CHINA SURVEYCONSUMER CHINA SURVEY
20.4% 140% >10% 26% 26-35Age group
Of middle income
Of middle income
BYD brand cars in first BYD brand cars in first
Auto sales growth, 10m Auto sales
growth, 10m Planning to buy a car
Planning to buy a car
“Green” cars are
“Green” cars are
learning to drive
learning to drive
two months of 2009
two months of 2009
g ,units
Worlds largest national auto
k
g ,units
Worlds largest national auto
k
yyfashionablefashionable
marketmarket
Galaxy Resources Limited Source: China Confidential (Financial Times Publication) April 2009
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LITHIUM CARBONATE GROWTH LITHIUM CARBONATE GROWTH meeting a lithium future
LITHIUM CARBONATE GROWTH LITHIUM CARBONATE GROWTH
Total market lithium growth 5 to 7% last 5 years *Secondary (Rechargeable) Batteries growing at 20-22% *Total market lithium growth 5 to 7% last 5 years *Secondary (Rechargeable) Batteries growing at 20-22% *Secondary (Rechargeable) Batteries growing at 20-22% Secondary (Rechargeable) Batteries growing at 20-22%
Lithium Carbonate UsersOther, 22
Battery, 25
Ch i l 3
Aluminium, 4
Casting, 3
Chemical, 3
Ceramic Glass 12
Pharmaceuticals, 7
Air Conditioning, 6 Lubricants, 12Ceramic Glass, 12
Galaxy Resources Limited Source: ^ TRU Group – 2009 Lithium Markets & Supply Markets Conference, Santiago, Chile
*SQM - 2009 Lithium Markets & Supply Markets Conference, Santiago, Chile
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TOTAL MARKET DEMAND FORECAST TOTAL MARKET DEMAND FORECAST meeting a lithium future
TOTAL MARKET DEMAND FORECAST TOTAL MARKET DEMAND FORECAST
Total Lithium Carbonate Demand 2002 - 2020
290,000
Year 2020SQM ~300 ktpa LCECh ll 24 k LCE
Year 2020SQM ~300 ktpa LCECh ll 24 k LCE
210,000
230,000
250,000
270,000
onta
ined
t
Chemetall ~245 ktpa LCEFMC Lithium ~309 ktpa LCETRU Group 290 ktpa LCE
Chemetall ~245 ktpa LCEFMC Lithium ~309 ktpa LCETRU Group 290 ktpa LCE 110 000
130,000
150,000
170,000
190,000
hium
Car
bona
te C
o
TRU Group ~290 ktpa LCETRU Group ~290 ktpa LCE
50,000
70,000
90,000
110,000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Lit
LC D d f t t i 3 f ld i j t 10 !
Source; TRU Group
LC Demand forecast to increase 3 fold in just over 10 years !
Galaxy Resources Limited Source: 2009 Lithium Markets & Supply Markets Conference, Santiago, Chile
LCE – Lithium Carbonate Equivalent
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LITHIUM CARBONATE PRICESLITHIUM CARBONATE PRICESmeeting a lithium future
LITHIUM CARBONATE PRICESLITHIUM CARBONATE PRICES
China Lithium Carbonate ProjectAve Values of Lithium Carbonate exports by China 2000-2008 (US$/t) with Galaxy forecast 2009-201
6,7316 504 6 495 6 624 6,757$7,000
$8,000
Ave Values of Lithium Carbonate exports by China 2000 2008 (US$/t) with Galaxy forecast 2009 201
5,370
6,504
6,000 6,120 6,242 6,367 6,495 6,624
$5,000
$6,000
$7,000
2,5562 120 2,246 2 156
2,385
4,173
$3,000
$4,000
2,120 2,156
$1,000
$2,000
$0
Galaxy Resources Limited
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SUPPLY CHAINSUPPLY CHAINmeeting a lithium future
SUPPLY CHAINSUPPLY CHAIN
Off Take PartnerOff Take Partner
Spodumene Mine
Spodumene Mine
Lithium Carbonate Producer
Lithium Carbonate Producer
Upgraders& Component
Mixers
Upgraders& Component
Mixers
Cathode & Electrolyte Producers
Cathode & Electrolyte Producers
Battery ProducerBattery
ProducerCarmakerCarmaker
Galaxy Resources Limited
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SOURCES OF LITHIUMSOURCES OF LITHIUMmeeting a lithium future
SOURCES OF LITHIUMSOURCES OF LITHIUM
BrinesLithi C b t
BrinesLithi C b t
Hard Rock (Pegmatite)S d > Lithi C b t
Hard Rock (Pegmatite)S d > Lithi C b tLithium Carbonate
Chile, Argentina, USA, ChinaLithium CarbonateChile, Argentina, USA, China
Spodumene -> Lithium CarbonateWestern Australia, Canada, Finland, Zimbabwe
Spodumene -> Lithium CarbonateWestern Australia, Canada, Finland, ZimbabweSolar evaporation pondsSolar evaporation ponds ZimbabweZimbabwe
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LITHIUM BRINE SOURCES meeting a lithium future
Oregon
Nevada
Israel
ChinaChina
CaliforniaChina
Bolivia
Chile
Argentina
Argent
g
Galaxy Resources Limited
Brine Deposits
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meeting a lithium future
Galaxy Resources Limited Brine process - typical evaporation pond
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LITHIUM HARD ROCK SOURCES meeting a lithium future
ManitobaFinland Manitoba
Ontario
PortugalChina
Congo
Greenbushes RavensthorpeZimbabwe
South Africa
Galaxy Resources Limited
Hard Rock
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meeting a lithium future
Galaxy Resources Limited Spodumene process – hard rock mining
Photo courtesy of Talison Minerals Pty Ltd
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meeting a lithium future
Ph t t f T li Mi l Pt Ltd
Galaxy Resources Limited
Photo courtesy of Talison Minerals Pty Ltd
Spodumene process – concentrator
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meeting a lithium future
Galaxy Resources Limited
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SPODUMENE MINESPODUMENE MINEmeeting a lithium future
SPODUMENE MINESPODUMENE MINE
1 Mtpa processing1 Mtpa processing137,000 tpa 6% Spodumene15 year mine life137,000 tpa 6% Spodumene15 year mine lifeyMine & ConcentratorCapital around A$68m
yMine & ConcentratorCapital around A$68mCapital around A$68mCapital around A$68m
Galaxy Resources Limited
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DFS DESIGNSDFS DESIGNS OPENOPENmeeting a lithium future
DFS DESIGNSDFS DESIGNS OPENOPEN
OPENOPEN
Galaxy Resources Limited
OPENOPEN
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LITHIUM CARBONATE DEVELOPMENTLITHIUM CARBONATE DEVELOPMENTmeeting a lithium future
LITHIUM CARBONATE DEVELOPMENTLITHIUM CARBONATE DEVELOPMENT
Scoping Study & Testwork
Pre-feasibility Study
Definitive Feasibility Study
Ravensthorpe Ravensthorpe China
Outotec (Finland)Engineering Firm
Status of Work Completed
MSP Engineering
Completed
Hatch China
In ProgressStatus of Work Completed Completed In Progress
Galaxy Resources Limited
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meeting a lithium future
S l h ti Kil
Sulphuric Acid
Milling
Sulphation KilnLi Carb Precipitation
Residue Removal
Cooling
CalcinationCalcination
Leaching
Galaxy Resources Limited
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WHY CHINA?WHY CHINA?meeting a lithium future
WHY CHINA?WHY CHINA?
Galaxy Resources Limited
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JIANGSU LITHIUM CARBONATE PLANTJIANGSU LITHIUM CARBONATE PLANTmeeting a lithium future
JIANGSU LITHIUM CARBONATE PLANTJIANGSU LITHIUM CARBONATE PLANT
Zhangjiagang Free Trade ZoneJiangsu ProvinceZhangjiagang Free Trade ZoneJiangsu ProvinceJiangsu ProvinceInternational Port 3 379 enterprises
Jiangsu ProvinceInternational Port 3 379 enterprises 3,379 enterprises 40 international companies like Dow Chemical, Dow Corning,
3,379 enterprises 40 international companies like Dow Chemical, Dow Corning, Dow Chemical, Dow Corning, Chervron Philips, DupontDow Chemical, Dow Corning, Chervron Philips, Dupont
Galaxy Resources Limited
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meeting a lithium future
Galaxy Resources Limited Zhangjiagang City in Jiangsu Province, China
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meeting a lithium future
Galaxy Resources Limited Entrance to one of the Zhangjiagang’s industrial parks
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meeting a lithium future
Galaxy Resources Limited Zhangjiagang Free Trade Zone
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meeting a lithium future
Galaxy Resources Limited Galaxy meeting the Zhangjiagang Administrative Committee
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meeting a lithium future
Galaxy Resources Limited Galaxy’s site in the background
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meeting a lithium future
Galaxy Resources Limited Two Lions Logistics berth 500m from Galaxy’s site
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meeting a lithium future
Galaxy Resources Limited Two Lions 2.4 mtpa Sulphuric acid plant next to Galaxy’s site
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meeting a lithium future
Galaxy Resources Limited State of the art wharf facility
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meeting a lithium future
Galaxy Resources Limited Two Lions Logistics grab crane loading conveyor
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meeting a lithium future
Galaxy Resources Limited Conveyor system from wharf to Galaxy’s site
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meeting a lithium future
Galaxy Resources Limited Utliliies are piped to the Galaxy site in park wide pipe racks
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meeting a lithium future
Galaxy Resources Limited Soda Ash plant in the industrial park
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CAPITAL COSTSCAPITAL COSTSmeeting a lithium future
CAPITAL COSTSCAPITAL COSTS
C it l C t CCapital Costs Capex
Ravensthorpe mine and A$ 68 millionconcentrator A$ 68 million
Jiangsu lithium carbonate facility ^ A$ 50 million
Working Capital A$ 12 million
T t l C it l C t A$ 130 illiTotal Capital Costs A$ 130 million
^ Preliminary estimates, subject to final DFS
Galaxy Resources Limited
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FINANCIALSFINANCIALSmeeting a lithium future
FINANCIALSFINANCIALS
0.75 AUD/USDFX Rate FX Rate
Capital Costs A$ 130 million
Revenue pa *^ A$ 119 millionNet Cash (pre tax) pa *^ A$ 59 millionNet Present Value NPV (non-geared, real @8%) ^ A$ 511 million
Internal rate of Return IRR% 45%
Payback 2.1 Yearsy
* Life of Mine ^ Preliminary estimates, subject to final DFS
Galaxy Resources Limited
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OFF TAKE ARRANGEMENTSOFF TAKE ARRANGEMENTSmeeting a lithium future
OFF TAKE ARRANGEMENTSOFF TAKE ARRANGEMENTS
Available 17,000 tpa Lithium Carbonate Available 17,000 tpa Lithium Carbonate Letters of Intent received for 22,000 tpa Lithium CarbonateEurope, Japan, ChinaLetters of Intent received for 22,000 tpa Lithium CarbonateEurope, Japan, ChinaYet to be finalisedYet to be finalised
Galaxy Resources Limited
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SHARE PRICE PERFORMANCESHARE PRICE PERFORMANCEmeeting a lithium future
SHARE PRICE PERFORMANCESHARE PRICE PERFORMANCE
GXY price divide ASX
Galaxy Resources Limited
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SALE OF 30% OF THE PROJECT SALE OF 30% OF THE PROJECT meeting a lithium future
SALE OF 30% OF THE PROJECT SALE OF 30% OF THE PROJECT
Galaxy Resources Ltd InvestorResources Ltd
(GXY) Investor
70% 30%Strategy to fund project without massive dilution of GXY
Strategy to fund project without massive dilution of GXYJV Company
100% 100%
of GXY
Maintains control of
of GXY
Maintains control of
Cons
%
RevenueGalaxy Lithium
Maintains control of company and project Maintains control of company and project
Minerals PlantMt Cattlin Resource 100%
Ltd (GLL)
P d S l
Jiangsu LC Plant
Product Sales
Galaxy Resources Limited
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INVESTMENT IN CHINA WHATS IN IT FOR US?INVESTMENT IN CHINA WHATS IN IT FOR US?meeting a lithium future
INVESTMENT IN CHINA -WHATS IN IT FOR US?INVESTMENT IN CHINA -WHATS IN IT FOR US?
Reduced capital costsReduced capital costspLower operating costsDownstream value adding benefits
pLower operating costsDownstream value adding benefitsgNet Present Value $128M to $574MTechnology and implementation timeframe
gNet Present Value $128M to $574MTechnology and implementation timeframeCloser to the end marketLarge internal market Closer to the end marketLarge internal market Access to Chinese capital marketsAccess to Chinese capital markets
Galaxy Resources Limited
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A GREAT INVESTMENT PROPOSITIONA GREAT INVESTMENT PROPOSITIONmeeting a lithium future
A GREAT INVESTMENT PROPOSITIONA GREAT INVESTMENT PROPOSITION
Exciting Lithium PotentialExciting Lithium PotentialExcellent Growth ForecastMeeting a Lithium FutureExcellent Growth ForecastMeeting a Lithium FuturegSpecialty Minerals Producer
gSpecialty Minerals Producer
A Great Investment PropositionA Great Investment Proposition
Thank YouThank YouThank YouThank You
Galaxy Resources Limited
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