Lithium South Development (TSXV: LIS) says it has received a $62 million cash offer from South Korea’s POSCO for its portfolio of exploration assets in Argentina’s Hombre Muerto salar.
The offer, which was presented last week, is non-binding and subject to several conditions, including a 60-day due diligence period, followed by a 60-day period for the negotiation and execution of the definitive agreement, Lithium South said in a news release Wednesday.
The company’s main asset is the 100%-owned Hombre Muerto North (HMN) project in Salta province, comprising nine mining concessions covering a combined area of 56.9 sq. km. It also holds the purchase rights to two additional claim blocks totalling 55.5 sq. km nearby.
Vancouver-based Lithium South and POSCO are currently partners on the HMN project, having established a 50/50…
