Allende & Brea advised Galaxy Resources Ltd (ASX: GXY) (“Galaxy” or “the Company”) on the assignment of mining properties to POSCO, in relation to the sale of the northern tenement package at the Salar del Hombre Muerto for a total consideration of US$280 million.
The northern tenement package sold to POSCO is situated to the north of Galaxy’s world class Sal de Vida Project in Argentina. Galaxy retained a 100% interest in the tenements situated in the southern area of the Salar del Hombre Muerto, located in Catamarca Province. The cash proceeds from the transaction will be applied immediately towards accelerating the development of the Company’s Sal de Vida Project.
For more information in this regard, please refer to the following link: https://www.asx.com.au/asxpdf/20180529/pdf/43vcfjdh9jd6rd.pdf