The Galaxy Resources Limited (ASX: GXY) share price is on watch in early trade following the company's early morning update.
Galaxy has released a corporate strategy and projects update for 2020 and beyond prior to market open.
What could move the Galaxy share price?
One of Galaxy's stated goals is to advance its Sal de Vida project to execution in 2020.
The Sal de Vida deposit is one of the largest and highest quality lithium brine deposits in the world. The site is located in the South American nation of Argentina and could underpin further share price growth for Galaxy.
Galaxy has now concluded its process test work and evaluation of alternative technologies for the project. The company is now looking to boost lithium recovery through lower pond losses and independent test work.
Purification activities will be undertaken offsite at lower altitude where operating conditions are easier to control.
The Aussie lithium miner is targeting the final investment decision for the project by Q2 to Q3 2020 with first production in 2022.
What else did Galaxy announce?
Galaxy reported operational excellence at Mt Cattlin in 2019 with record production volume, operating cost and product quality.
The Aussie miner said it is now a stable and reliable operation for the company, which could bode well for the Galaxy share price.
Galaxy is looking to implement a lower activity mine plan to reduce volume and cost while maintaining positive cash margins. The reductions are also expected to extend the resource life with further ramp-up a possibility if market conditions improve.
How have Galaxy shares performed in 2019?
The Galaxy share price was a strong performer on Friday, climbing 5.88% higher to $1.08 per share.
However, it's been a different story for the majority of 2019 as many of the ASX lithium miners have struggled with weaker pricing and overproduction.
Galaxy shares are down 50.68% so far in 2019 and currently have a market cap of $442 million.
