Australian lithium miner Galaxy Resources Ltd on Wednesday lifted its estimate of resources in Mt Cattlin Project in Western Australia after drilling pointed to a stronger reserve.
Galaxy said the reserves for the project are now estimated to be 42% higher than its last estimate given as of June 2018. The miner now expects the mine to have 16.7 million tonnes of ore, containing 214,400 tonnes of lithium
The miner now expects the mine to have 16.7 million tonnes of ore, containing 214,400 tonnes of lithium, the company said in a statement.
Demand for lithium, a critical ingredient for batteries used in electric vehicles, has grown in recent years as some consumers have shifted away from cars powered by fossil fuels.
The Mt Cattlin Operations produced 31,156 dry metric tonnes of spodumene concentrate, a source of lithium, in the quarter ended Sept. 30, 2018.
(Reporting by Aditya Soni in Bengaluru; Editing by David Gregorio)