Galaxy Resources POSCO deal completes

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 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.

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.