Argosy Minerals [ASX:AGY] Higher on Rincon Lithium Project Update
Shares of Argosy Minerals [ASX:AGY] are up today after providing an operational update for their Rincon Lithium Project.
Located in the ‘Lithium Triangle’, Rincon Lithium Project is Argosy Minerals’ flagship project, of which it holds a 77.5% stake. Argosy also holds a 100% ownership in the Tonopah Lithium Project, in Nevada, US.
Things moving according to plan
Argosy announced today they’ve made some progress at their Rincon Lithium Project. They’ve now completed 67% of all the works needed to develop a modular 2,000 tonnes per annum lithium carbonate production operation.
Works for the 2,000 tpa production operation have three main phases, which include design, construction, and commissioning.
So far, the design phase works, which included engineering and layout, are done. Argosy has also completed 70% of the construction phase works, and 13% of the plant commissioning works.
Argosy said that development works for the processing plant are moving according to schedule and budget.
As Argosy’s Managing Director Jerko Zuvela said:
‘The Company’s Puna operations team are making significant progress on the construction and development works at our Rincon Lithium Project, as we move closer to commencing the 2,000tpa lithium carbonate production operations.
‘The lithium market remains very positive and lithium carbonate prices are maintaining record highs, which is providing great interest in our project and especially our product, noting our Rincon Lithium Project will become the next commercial production operation. Argosy’s transformation into a cashflow generator is nearing, whilst also progressing toward the next stage 12,000tpa scale operations. We look forward to a significant near-term growth phase from our operations this year and beyond.’
Lithium carbonate prices are up 477% year-on-year and a whopping 92% since the beginning of the year, according to Benchmark Minerals.
What does this mean for Argosy Minerals?
This is exciting news for Argosy Minerals who is planning its first production of 99.5% battery quality lithium carbonate by the middle of this year.
Investors have certainly liked the announcement, pushing the share price up 5.32% at time of writing to 50 cents. Argosy Minerals share price is up close to 450% in the last 12 months.
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