Galaxy POSCO deal completes

Company News

by Anna Napoli

Galaxy Resources Ltd (ASX:GXY) has announced that final settlement of the sale of a package of tenements in Argentina to POSCO has now been completed.

Galaxy will now receive US$271.6 million (after US$8.4 million in withholding taxes was paid in November 2018) following the registration of the tenement by the local Mining Court in Salta Province last week.

Galaxy says it will use the proceeds from the sale to accelerate development of its Sal de Vida Project.

The company says the deal places it in a strong position to progress the project.

Shares in Galaxy Resources (ASX:GXY) Shares are trading 3.77 per cent higher to $2.20.

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.