Galaxy Resources (ASX:GXY) has announced that its agreement with POSCO for the sale of a package of tenements in Argentina has now completed.
Tenement transfer deeds for a package of tenements in Catamarca province, also known as the ‘lithium triangle’ were executed by Galaxy and POSCO last Friday.
POSCO paid Galaxy US$280 million for the tenements.
Galaxy says it will use the proceeds from the sale to accelerate development of its Sal de Vida Project.
Shares in Galaxy Resources (ASX:GXY) are trading 2.67 per cent lower to $2.55.