Argosy Minerals Limited (ASX:AGY) has announced that it has completed 26% of total works required for the development of a modular 2,000tpa lithium carbonate process plant, part of Stage 2 development of the company’s Rincon Lithium Project in Salta Province, Argentina.
“The design phase is now 94% completed, whilst the construction phase is at 28%”
- The company’s 2,000tpa lithium carbonate process plant development works are progressing on schedule and on budget.
- The works comprise three main phases: design, construction, and commissioning. The design phase is now 94% complete, with the construction phase at 28%. This translates to 26% of total construction works completed to date.
- The company is targeting first commercial production of battery-quality Li2CO3 product by mid-2022.
- Strategic investment discussions are currently ongoing for a 10,000tpa capex funding solution. Positive lithium sector fundamentals are anticipated to encourage attractive off-take agreements to support the 2,000tpa operation and 10,000tpa project development.
Rincon Lithium Project
The Rincon Lithium Project comprises up to ~2,794 hectares of mining titles and mining easement landholdings at the Salar del Rincon in Salta Province, Argentina.
Argosy currently holds a 77.5% interest in the JV entity: Puna Mining S.A., with the right to move to 90% ownership on completion of Stage 3 development.
Three-stage development
The Stage 1 industrial scale pilot plant is now operational. The Stage 2 initial commercial development had commenced and works are progressing, with ~38Ha of evaporation ponds complete and operational, and construction of ~2,000tpa LCE processing plant in progress. For Stage 3, the company targets commercial production from the project, earning its 90% interest in the JV entity.
Next steps
The company is continuing discussions with several strategic groups on various product off-take propositions and related strategic investment options for the 10,000tpa capex funding solution.
“The Company’s Puna operations team continue their rapid progress on construction and development works, toward commencing 2,000tpa lithium carbonate production”
Management comments
Argosy Managing Director Jerko Zuvela said: “The Company’s Puna operations team continue their rapid progress on construction and development works, toward commencing 2,000tpa lithium carbonate production operations at our Rincon Lithium Project.
Argosy is only the second ASX listed company moving into lithium carbonate production operations to provide the most significant critical raw material needed for the battery revolution.
We have a successfully proven, proprietary and environmentally friendly chemical process technology to produce battery quality lithium carbonate with low impurities, meeting ESG requirements with a low carbon footprint of low fresh water and energy usage, sustainably producing at a scale no other junior lithium company is currently able to achieve, and with development plans for an additional 10,000tpa production expansion.
This places Argosy in an enviable position compared to its peers, becoming the next international battery quality lithium carbonate producer”.
Images: Argosy Minerals Limited