August 27, 2018 / 12:00 AM / 3 months ago

Lithium miner Galaxy Resources halts trading in shares pending POSCO announcement

Aug 27 (Reuters) - Australian lithium miner Galaxy Resources Ltd announced a trading halt on its ASX-traded shares on Monday, pending an announcement about selling a package of tenements in Argentina to South Korea’s POSCO.

Galaxy agreed to sell some tenements in Argentina to steelmaker POSCO for $280 million in late May. Those tenements are located on the northern area of the Salar del Hombre Muerto salt flat.

The firm said at the time that it intended to use the proceeds from the deal to fund development of its flagship Sal de Vida project. (Reporting by Aaron Saldanha in Bengaluru; editing by Richard Pullin)

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