Galaxy’ Resources inks deal to sell tenements for $280M

Company News

by Anna Napoli

Galaxy Resources (ASX:GXY) has inked a $280 million dollar deal to sell a package of tenements to South Korean steel-maker POSCO.

The non-binding agreement would see Galaxy sell a package of tenements in Argentina’s Catamarca province, also know as the ‘lithium triangle’.

The tenement package is located to the north of Galaxy’s Sal de Vida project and Galaxy would retain 100 per cent of the tenements in the southern area of the province.

Sal de Vida means 'Salt of Life' and the deposit is one of the world’s largest and highest quality undeveloped lithium brine deposits with significant expansion potential.

Shares in Galaxy Resources (ASX:GXY) closed 0.67 per cent higher to $2.99 yesterday.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.