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Galaxy in sales deal with Mitsubishi February 15, 2010

Japan's Mitsubishi Corporation has agreed to buy about 30 per cent of battery grade lithium carbonate output from Galaxy Resources Ltd's Mt Cattlin mine in Western Australia.

Shares in Galaxy were up four cents, or 3.25 per cent, at $1.27 at 1253 AEDT.

Galaxy said in a statement on Monday it was close to finalising similar off-take agreements with other major groups and high-end users of battery grade lithium carbonate in China and other parts of Asia.

The value of the Mitsubishi deal was confidential, a Galaxy spokesman said.

Demand is growing for lithium, which is used in batteries for electric cars.

http://news.smh.com.au/breaking-news-busin...00215-o199.html

 

 

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GXY's offtake agreement with the 3 diamonds is all over the web. Just google "galaxy mitsubishi lithium". It certainly is not limited to local news media.

 

Great exposure for GXY.

 

GXY is also in the "Pink Sheets Grey Market" with the ticker GALXF

 

 

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  • 2 weeks later...
  • 1 month later...

Been doing a bit of research into this one since it was put up into the ASX300 last month.

Seems to me that the FA & TA are coming into alignment here.

Production project underway, agreement for offtake, funding in place, recent reserve increase etc etc.

Has a very diversified list of projects too, with a finger in lots of pies. Owns 45% of GMM, which came out with a +ve ann re their iron ore proj this morning.

TA wise it is building a pennant patt. No breakout as of yet, but leaning towards the north because of the FA.

If it can chew up the 1.20 sellers, it might be away.

Cheers

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The days trading shows someinteresting facts about value of trades versus number of trades.

 

Total of 204 trades

of which

no of trades between $999.99 to $500: 18 trades, 8.8% of days trades

no of trades between $499.99 to $100: 18 trades, 8.8% of days trades

no of trades between $99.99 to $50: 3 trades, 1.5% of days trades

no of trades between $49.99 to $0: 75 trades, 36.7% of days trades

giving a total of 114 trades, 55.8% of days trades below $1000!!!. :dry:

 

This is a large number of very small trades.

 

Would this be keeping the share price down?

 

Malfrey.

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