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Galaxy Resources to sell tenements at Sal de Vida project

Metal News - Published on Thu, 31 May 2018

Image Source: thewest.com.au
Galaxy Resources Limited announced that it has entered into a non binding agreement with POSCO to sell a package of tenements located on the northern area of the Salar del Hombre Muerto in Argentina, for cash consideration of USD 280 million. The te nement package is situated to the north of Galaxy’s world class Sal de Vida Project in Argentina.

Galaxy retains 100% of the tenements in the southern area of Salar del Hombre Muerto in the Catamarca Province included in the recently announced updated feasibility study for the development of Sal de Vida. The southern tenements contain an estimated 4.09 million tonnes LCE of JORC compliant measured and indicated resource and 100% of the current 1.14 million tonnes LCE of JORC compliant reserves.

Highlights
1. Non - binding agreement executed with POSCO to sell a package of tenements in the northern basin of the Salar del Hombre Muerto

2. Galaxy retains 100% ownership of all tenements in the southern basin

3. Cash consideration of USD 280 million for approximately 1.58 million tonnes lithium carbonate equivalent of JORC compliant measured & indicated resources and 2.54 million tonnes of LCE of JORC compliant total resources

4. Sal de Vida Project now contains approximately 4.09 million tonnes LCE of JORC compliant measured & indicated resource and 100% of the previously announced reserves of 1.14 million tonnes LCE

5. Funds available to Galaxy to progress Sal de Vida Project development in Catamarca Province

Source :

Posted By : Rabi Wangkhem on Thu, 31 May 2018
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