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- Argosy Minerals (AGY) has been granted environmental approval to continue development at its Rincon Lithium Project
- The approval was granted from the Government of Salta Province
- The company will prioritise a funding solution for the development for the capital requirement
- Argosy Minerals is up 2.50 per cent on the market today, trading at 8.2¢ per share
Argosy Minerals (AGY) has been granted environmental approval to continue development at its Rincon Lithium Project.
The approval was granted from the Government of Salta Province and its regulatory bodies, the Ministry of Production and Sustainable Development, and the Secretary of Mining and Energy.
The Rincon Project is constructing a 2000 tonnes per annum lithium processing plant.
The main items approved in the Environmental Impact Report (EIR) include the construction of the lithium plant, camp and accommodation facilities, settling ponds for processing works and environmental impacts.
The approval notice confirms Argosy now has all the necessary permits to commence works for the development of the initial processing plant and all associated operations at the Rincon site.
Managing Director Jerko Zuvela is grateful to the Salta Province regulatory who approved the EIR.
“This is now an exciting period for Argosy and Puna to become the first commercial lithium producer in Salta Province and progress toward the full development of our Rincon Lithium Project,” Jerko said.
“This is a significant milestone and I thank the Puna team for such an achievement, whose lithium processing expertise is critical and provides us with a distinct advantage to our lithium peers,” he added.
The company will now continue ongoing discussions with potential capital providers for the plant’s capital requirements.
The approval removes a major hurdle towards securing funding and will give confidence to these potential capital providers.
Argosy has estimated capital expenditure of approximately US$14.3 million (AUD$20.82 million).
As part of this next stage of works, Argosy says the 38 hectares of evaporation
ponds constructed to supply concentrated lithium brine to plant is currently in full operation concentrating lithium brine.
Argosy Minerals is up 2.50 per cent on the market today, trading at 8.2¢ per share at 3:12 pm AEDT.
