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The Galaxy share price is rocketing today

Motley Fool Staff
Mining shares

The Galaxy Resources Limited (ASX: GXY) share price is up 11% to $1.27 today after touching a 52-week low of $1.08 yesterday. It was news that the lithium miner will report a US$150 million to US$180 million non-cash impairment as part of its FY 2019 financial results that sent investors scuttling for the exits yesterday. 

Zooming out a little further Galaxy shares have tumbled around 55% over the past year in response to weaker spot lithium prices as more supply reportedly comes onto the market.  

Galaxy is guiding the market for full year lithium production to hit between 180,000 to 210,000 dry metric tonnes largely from its WA-based Mt Cattlin operations. It also has mining tenments in Sal de Vida in Argentina and James Bay in Canada.

The company had cash on hand of US$176.3 million as at 30 June 2019 and bargain hunters or speculators are probably bidding the shares higher this morning. 

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Motley Fool contributor Tom Richardson has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019