Galaxy Resources jumps on Asian lithium deals
Shares in Galaxy Resources jumped on 29 November after it said it had signed a series of long-term lithium off-take agreements with customers in Asia. The five-year deals cover are for a  minimum of 200,000 tonnes per annum of lithium concentrate, guaranteeing buyers for all the output of Galaxy's Mt Cattlin mine in Western Australia as far ahead as 2022. Galaxy also said it would be paid a higher "headline" price for its product in 2018 than 2017.
Shares in the lithium company Galaxy Resources jumped 8.6 per cent (31¢) on Wednesday, making it the best performed stock in the ASX 200 after investors welcomed news that it had signed a series of long-term off-take agreements with customers in Asia.

The binding agreements cover five-year terms and are for a minimum of 200,000 tonnes per annum of lithium concentrate. They mean that lithium concentrate produced at Galaxy's Mt Cattlin mine in Western Australia as far ahead as 2022 already has a guaranteed buyer.

Charging cables connect to a row of electric taxis in Shenzhen, China. Credit: Bloomberg

Galaxy Resources, which is headquartered in Perth and also has projects in Canada and Argentina, did not name the customers in its ASX statement but said they were "all key suppliers of lithium products and materials throughout Asia".

Galaxy also said it would be paid a higher "headline" price for its product in 2018 than 2017.