May 29 (Reuters) - Lithium producer Galaxy Resources Ltd agreed on Tuesday to sell a package of mining tenements in Argentina to South Korean steelmaker POSCO for $280 million.
The package of land is located in the northern area of the Salar del Hombre Muerto. Galaxy will retain ownership of all tenements in the southern basin.
The company intends to use the proceeds from the deal to fund development of its flagship Sal de Vida project. (Reporting by Aditya Soni in Bengaluru; Editing by Peter Cooney)