POSCO has reached an agreement with Galaxy Resources to acquire lithium tenements in the northern area of the Salar del Hombre Muerto in Argentina for $280m.
The acquisition is expected to help Posco secure lithium supplies for its battery material manufacturing affiliate POSCO ES Materials. The company is also planning to build a 25,000tpa lithium plant in Argentina, which is expected to commence operations from 2021.
Go deeper with GlobalData
The proceeds from the sale of tenements will be used to fund the development of Galaxy’s Sal de Vida project in the Catamarca Province.
Based in South Korea, Posco is a steel manufacturer, while Galaxy Resources is an Australian company engaged in the development of lithium projects.
Handa Mining Corporation has announced plans to proceed with the acquisition of the Mejillones phosphate project in Chile.
The company is simultaneously planning to issue up to 14 million units, priced at $0.05 a unit, in a non-brokered private placement to raise gross proceeds of up to $700,000.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataEach unit will comprise one common share of the company and one common share purchase warrant, which entitles the holder to acquire an additional common share for a period of two years.
Handa Mining plans to use the proceeds raised from the offering for working capital and general corporate purposes.
Based in Canada, Handa Mining is a mineral exploration company with assets in the Republic of Congo.
Gold Standard Ventures plans to raise C$10.5m ($8m) through a non-brokered private placement of up to 5.12 million common shares priced at C$2.05 ($1.58) a share.
Goldcorp and OceanaGold, both insiders of the company, have agreed to acquire securities under the placement.
Goldcorp has agreed to acquire 2.9 million shares in the private placement and will own approximately 35 million shares of Gold Standard. Goldcorp will hold approximately 13.6% stake of the issued and outstanding common shares of Gold Standard, following the placement.
OceanaGold has agreed to acquire 975,609 shares in the placement to gain approximately 15.58% of the company’s issued and outstanding common shares on a non-diluted basis.
Gold Standard also plans to raise up to C$2.5m ($1.93m) through a non-brokered private placement of up to 1.21 million shares at the offering price with certain other investors.
The net proceeds raised from the placement will be used for continuing exploration and early-stage development of Railroad-Pinion project, and for working capital purposes.
Based in Canada, Gold Standard Ventures is an advanced stage gold exploration company focused on district-scale gold discoveries in Nevada.
Menar Holding has signed an agreement with Coalvent and African Onca to develop the Riversdale Anthracite Colliery (RAC) project located in KwaZulu-Natal, South Africa.
The RAC project contains more than nine million tonnes of low-sulphur, medium-quality anthracite coal.
The partnership agreement follows the turnaround of Menar’s Zululand Anthracite Colliery (ZAC).
Based in Luxembourg, Menar Holding is a mining investment company.
