|Bid||0.000 x 0|
|Ask||0.000 x 0|
|Day's Range||0.000 - 0.000|
|52 Week Range|
|PE Ratio (TTM)||22.32|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Galaxy Resources (GXY.AU) said it is in talks with Tesla (TSLA) battery supplier Panasonic (6752.JP) regarding the supply of lithium but has denied signing any agreement. In response to an ASX query regarding a report in the Australian Financial Review the Australian miner said: The facts in the article set out in your letter and referred to above are not factually correct. Galaxy is uniquely positioned in the global lithium market and is currently engaged in discussions with a number of parties in the battery supply chain, including Panasonic, as part of its normal business, however these discussions are at this stage informal.
The company's shares rocketed higher after it unveiled its maiden full-year profit and plans to expand its production of lithium carbonate, which is used in the production of batteries and other industrial uses. Orocobre is targeting a big increase in production in the 2018 financial year. Output is expected to increase to 14,000 tonnes of lithium carbonate, up from 11,862 tonnes in the 2017 financial year.
The electric vehicle revolution is gathering momentum. Simply put, will there be enough lithium, and lithium in the right chemical composition, to support exponentially growing demand for batteries?