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Reuters
Reuters
Business

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

SEOUL (Reuters) - South Korean steelmaker POSCO <005490.KS> on Monday said it had signed a deal to buy a package of mining tenements in Argentina from Australian lithium miner Galaxy Resources Ltd <GXY.AX> 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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