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Galaxy, POSCO to close US$280M Sal de Vida deal ahead of schedule

Galaxy Resources Ltd. expects to complete the previously announced sale of a package of tenements on the northern area of the Salar del Hombre Muerto at its Sal de Vida lithium operation in Argentina to POSCO ahead of scheduled.

The US$280 million transaction is subject to the completion and execution of definitive documentation and receipt of POSCO's board approval, which was previously expected in the third quarter.

POSCO's board will now meet earlier than anticipated, and the companies intend to execute definitive documentation immediately following the meeting at the South Korean steel giant.

Galaxy will retain the tenements in the southern area of Salar del Hombre Muerto, which were included in an updated feasibility study at the project published in May. The proceeds will be used to advance development at Sal de Vida, Galaxy noted in an Aug. 6 release.