viewArgosy Minerals Ltd

Argosy Minerals surges 65% after sealing offtake deal with Mitsubishi Corporation

The agreement further strengthens the commitment for future potential commercial associations.

Mitsubishi Corporation RtM Japan is a metals and mineral resources company

Argosy Minerals Limited (ASX:AGY) has surged 65% this afternoon to 16 cents after executing a sales agreement with a Mitsubishi Corporation subsidiary covering a preliminary arrangement for the supply of lithium carbonate from Rincon Lithium Project in Argentina.

The preliminary lithium carbonate sales agreement has been arranged with Mitsubishi Corporation RtM Japan Ltd.

It will enable Argosy to utilise a stage I industrial-scale pilot plant for small-scale commercial lithium carbonate production and product sales to a major international conglomerate.

READ: Argosy Minerals outlines rights issue to raise up to $6.2 million for Rincon Lithium Project

This will follow comprehensive processing and sample test-works carried out utilising Argosy's pilot plant and proven industrial-scale proprietary chemical process solution.

The company is targeting the start of operations for the sales agreement in mid-2019.\

"A strong endorsement"

Argosy managing director Jerko Zuvela said: “Argosy places considerable importance in working together with Mitsubishi RtM and the potential longer-term benefits this relationship may deliver.

“It is also a strong endorsement of Argosy, the Rincon Lithium Project and our fast-track development strategy towards commercial lithium carbonate equivalent (LCE) production.”

Reinforces Mitsubishi relationship

The sales agreement reinforces the relationship Argosy has established with Mitsubishi RtM following their first site visit in November 2017.

It also further strengthens the commitment for future potential commercial associations.

This agreement will generate revenue while the company progresses development works toward commercial sales operations.

The sales price for each cargo will be determined using a set formula agreed between the parties that references an industry standard benchmark index LCE price, netting off in country taxes for product specifications, all associated shipping costs and Mitsubishi RtM commission fees.

Resource to Market

Mitsubishi Corporation RtM Japan Ltd is a metals and mineral resources trading company that deals in a wide spectrum of general metal resources and materials, including ferrous raw materials and non-ferrous metals. The RtM of the name is an abbreviation of Resource to Market.

The agreement provides flexibility to amend the arrangement for the mutual benefit of both parties.

Argosy will continue prioritising efforts to secure a strategic relationship/partnership to secure a capex funding solution for commercial development of the Rincon project.

These efforts will include continued discussions with various interested parties.

Quick facts: Argosy Minerals Ltd

Price: 0.089 AUD

Market: ASX
Market Cap: $90.56 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Argosy Minerals Ltd named herein, including the promotion by the Company of Argosy Minerals Ltd in any Content on the Site, the Company...



Argosy signs binding agreement to acquire strategic US lithium brine project

Argosy Minerals Limited (ASX:AGY) managing director Jerko Zuvela updates Proactive Investors on the signing of a binding agreement to acquire a strategic lithium project in the US. The sale agreement provides for Argosy to acquire the Tonopah Lithium Brine Project in Nevada, just 4 kilometres...

on 16/8/19

2 min read