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Galaxy Resources to sell mining tenements to POSCO

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World Fertilizer,

According to Reuters, Galaxy Resources Ltd – an Australian lithium miner – has signed an agreement to sell a mining tenements package in Argentina to POSCO – the South Korean steel maker – for US$280 million.

The land is reportedly in the northern part of the large Salar del Hombre Muerto salt flat. Reuters claims that Galaxy will continue to have ownership of all tenements in the southern basin, adding that the company is planning to utilise the proceeds obtained from the deal in order to help fund its Sal de Vida project.

Chairman Martin Rowley said: “This transaction with POSCO provides a substantial cash injection which underpins the development of Galaxy’s Sal de Vida brine project in the Catamarca Province of Argentina.”

According to Reuters, Galaxy earlier appointed JP Morgan Australia to carry out an evaluation of the strategic options for the Sal de Vida lithium and potash project.

Reuters claims that the project holds the potential to generate total yearly revenues of approximately US$354 million, scaling up to 25 000 tpy of lithium carbonate and 95 000 t of potassium chloride.

The transaction remains subject to approval by the board of directors at POSCO.

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