PERTH (miningweekly.com) – Lithium miner Galaxy Resources has completed the sale of the northern tenements of its Sal de Vida project, in Argentina, to Posco.
Posco earlier this year struck a deal with Galaxy to acquire a package of tenements on the northern portion of Sal de Vida, for $280-million. Galaxy would retain full ownership of the tenements at the southern area of the Salar del Hombre Muerto.
Galaxy has previously said that proceeds from the transaction would be used to advance the development of the Sal de Vida project.
The company said that the transfer of brine extraction rights over an additional five tenements remained subject to the completion of certain conditions precedent. It was anticipated that these conditions and the transfer of the brine rights would also be completed by the end of November, releasing a deferred $15-million payment.