WCA July 2011

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Industry news
Wire & Cable ASIA – July/August 2011 12
The AIM-quoted mining group Creat
Resources Holdings Limited (AIM:
CRHL) has welcomed a major
fundraising completed by ASX-quoted
Galaxy Resources Limited, in which it
now holds a stake of approximately
11.78%.
Galaxy raised A$120mn from three
major institutional investors, Azure
Capital, Morgan Stanley and Helmsec
Global Capital, in a raising that
attracted strong over-subscription
worldwide, including from potential
investors in Europe, Asia, the USA and
Australia.
It will use the money to ramp up
production from its Mt Cattlin
spodumene project in Western
Australia and to complete the
commissioning of its Jiangsu lithium
carbonate processing plant at
Zhangjiagang in China, as well as to
pay off debt.
CRHL has taken its stake in Galaxy in
line with its long-term strategy to
diversify internationally as it continues
appraisal of exploration assets in
Western Tasmania.
Galaxy is now positioned to become a
leading integrated player in the rapidly
growing market for lithium, heavily in
demand as an essential element used
in the manufacture of renewable
batteries, particularly by the
automobile industry.
CRHL’s chief operation officer Rex
Chow commented, “We offer our
congratulations to Galaxy on its
successful completion of the new
fundraising. We welcome the arrival of
more high-quality investors and believe
the additional support they provide will
further enhance value for CRHL
shareholders.”
Galaxy is now set to become a
vertically integrated lithium company,
from raw-product lithium production
through to chemical processing and
lithium-ion battery manufacturing.
It expects to complete construction of
its Zhangjiagang lithium carbonate
processing facility, close to major
markets, in time for commissioning
later this year. The Jiangsu plant will
use feedstock already being produced
from the Mt Cattlin mine.
Creat Resources Holdings Limited –
Australia
Fax: +61 3 6234 3884
Email :
Website:
Galaxy attracts excess offers
for A$120mn fundraising