Galaxy Resources and the Cree Nation of Eastmain have entered into a pre-development agreement for the James Bay lithium mine.
Galaxy Resources Mining News
Galaxy said the reserves for the project are now estimated to be 42% higher than its last estimate.
The $280-million deal gives POSCO a package of mining tenements for 17,500 hectares of land in the northern area of the Salar del Hombre Muerto salt flat in Argentina.
Short selling of shares in lithium miners SQM, Albemarle, Galaxy and Orocobre has ballooned this year, reflecting a sign of growing scepticism.
The land is located in the northern area of the giant Salar del Hombre Muerto salt flat.