Total
0
Shares
Source: Argosy Minerals
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Argosy Minerals (AGY) completes a third of its total works at the Rincon Lithium Project in Spain
  • The company says its construction phase of works is scheduled for completion during Q1 2022, with other works to follow
  • The company’s first commercial production of battery quality lithium carbonate product is targeted for mid-2022
  • Argosy Minerals is up 4.17 per cent, trading at 12.5 cents at 11:43 am AEST

Argosy Minerals (AGY) has completed a third of its total works at the Rincon Lithium Project in Spain.

Thirty-three per cent of the total works have been ticked off for the development of the modular 2,000 tonnes per annum (tpa) lithium carbonate production operation, remaining on schedule to achieve first commercial production from mid-2022.

The production is made up of three main phases of works: design, construction and commissioning. The design phase is now 94 per cent completed, while the construction phase sits at 34 per cent. The acquisition of raw materials and tender works sits at just 7 per cent.  

As part of the construction phase, 85 per cent of earthworks and land movements have been completed, with the camp site 55 per cent finalised. Seventy-two per cent of the brine system are also ready to go, including a pumping station and plant settling pond works.

Argosy Managing Director Jerko Zuvela said the company was making significant progress towards starting the lithium carbonate production operations at its Rincon Lithium Project.

“With lithium market sentiment and lithium carbonate prices consolidating the strong gains made this year, and the company being fully funded to 2,000tpa scale production, Argosy remains a lithium sector peer leader that is the only new developer able to supply battery quality lithium carbonate product in the near-term,” Mr Zuvela said.

The company said its construction phase of works was scheduled for completion during Q1, 2022, with plant commissioning works, test-works and ramp-up to follow.

Argosy Minerals was up 4.17 per cent, trading at 12.5 cents at 11:43 am AEST.

AGY by the numbers
More From The Market Herald

" Beacon Minerals (ASX:BCN) declares fully franked dividend

Beacon Minerals (BCN) has declared a fully franked dividend of 0.125 cents per share.

" Alchemy’s (ASX:ALY) subsidiary wins tenement ballots at Lake Rebecca

Alchemy Resources’ (ALY) subsidiary, Goldtribe Corporation, has won ballots for three exploration licence applications within ALY’s Lake Rebecca Project in Western Australia.

" Tigers Realm Coal (ASX:TIG) recounts positive September quarter

Tigers Realm Coal (TIG) has released its quarterly report for the three months ending September 30.

" Chase Mining’s (ASX:CML) Red Fox applies for more tenements in Queensland

Chase Mining’s (CML) 40 per cent-owned company Red Fox Resources has applied for another three exploration permits in northwest Queensland.