Galaxy Resources POSCO transaction ahead of schedule

Company News

by Anna Napoli

Galaxy Resources (ASX:GXY) has announced that its agreement with POSCO for the sale of a package of tenements in Argentina’s Catamarca province is now ahead of schedule.

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

The agreement was conditional on POSCO receiving approval at their upcoming board meeting, the date of which has now been pushed forward.

It’s intended that definitive documentation will be executed immediately following the Board meeting.

The proceeds from the transaction with POSCO will be available to progress the development of Sal de Vida in Catamarca Province and places Galaxy in a strong financial position to progress the planned development of the project.

Shares in Galaxy Resources (ASX:GXY) closed flat at $2.75 on Friday

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.