Galaxy Resources has received the second US$15 million tranche from Sichuan Tianqi Lithium Industries for the sale of Galaxy Lithium International Ltd (GLIL), the parent entity of the Jiangsu Lithium Carbonate Plant.
This makes a total of US$30 million from the loan facility made available to Galaxy by Tianqi Group Hong Kong Company Limited (TGHK), a member of the Tianqi group of companies.
The facility has been made available, at Galaxy’s request, prior to completion of the sale of GLIL due to the longer than anticipated time required to obtain all necessary regulatory approvals in China relating to the Jiangsu transaction. All outstanding approvals were targeted to be completed in October.
Galaxy Resources Sichuan Tianqi Lithium Industries Galaxy Lithium International Ltd GLIL Lithium Carbonate Plant Tianqi Group Hong Kong Company Limited TGHK