August 27, 2018 / 7:20 AM / 3 months ago

S.Korea's POSCO to buy mining tenements in Argentina from Australia's Galaxy

SEOUL, Aug 27 (Reuters) - South Korean steelmaker POSCO on Monday said it had signed a deal to buy a package of mining tenements in Argentina from Australian lithium miner Galaxy Resources Ltd for $280 million.

POSCO also said in statement that it would build a lithium plant in Argentina, with production planned to start from 2021.

Galaxy Resources halted trading of its shares in Australia ahead of the announcement.

Galaxy had in May agreed to sell mining tenements in northern Argentina to POSCO. (Reporting by Jane Chung and Hyunjoo Jin Editing by Joseph Radford)

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