Global Geoscience suffering on ASX today

  • Sep 06, 2018 AEST
  • Team Kalkine
Global Geoscience suffering on ASX today
The Premium quality boric acid produced by the mineral explorer did not get to see bullish market for too long. As after shooting as high as 10% on ASX yesterday, Global Geoscience’s stock got dragged down 6.061% to $0.310 on 6 September 2018. In the recent reports, lithium-boron mine developer Global Geoscience Limited (ASX: GSC) announced its ability to produce premium quality boric acid from the lithium-boron project Rhyolite Ridge located in Nevada, USA. The production has utilized conventional process flowsheet developed for the Pre-Feasibility Study. This project is principally located to supply boric acid and lithium carbonate in American and Asian market, which together account for circa 80% of global borates demand. The company said that good crystal size product coupled with low level of impurities would help attract premium customers.  Also, the low shipping cost from the west coast of the USA will enable the explorer to emerge as a low-cost supplier of both lithium and boron products. As per the company’s information, the project initially has the potential to supply approximately 20,000-30,000 tonnes of lithium carbonate and 160,000-220,000 tonnes of boric acid per annum. Global Geoscience aims to develop the Rhyolite Ridge Lithium-Boron Project into a strategic, long life, low-cost supplier of lithium and boron products. With this development at Nevada the industry would get to see the third major supplier of boric acid which would possibly damage the duology of Turkey’s Eti Maden and Rio Tinto Limited. The Global Geoscience’s stock has seen a performance change of +60.98% over the past one year. The stock last closed at $0.310 on 6 September 2018.

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