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Argosy Minerals has news pending on approvals for lithium carbonate processing plant

The company is in a trading halt until Friday, January 10, or until an announcement is released to the market.

Argosy Minerals Ltd - Argosy Minerals has news pending on approvals for lithium carbonate processing plant
Lithium carbonate produced from the pilot plant at Rincon project in Argentina

Argosy Minerals Limited (ASX:AGY) has an announcement pending regarding the regulatory approvals process for construction of a lithium carbonate processing plant at Rincon Lithium Project in Argentina.

The company has been granted a trading halt by the ASX until the start of normal trading on Friday, January 10, 2020, or when an announcement is released to the market, whichever occurs first.

In its request to the ASX for the halt, Argosy said the announcement would be in regard to “official receipt of the regulatory approvals process”.

Initial annual capacity

The proposed plant will be at the project in Argentina’s Salta Province and will have initial annual capacity of approximately 2,000 tonnes.

Shares in the company, which has a market cap of about $81.6 million, last traded at 8 cents.

Maiden trial cargo

Argosy shortly plans to ship a maiden preliminary trial cargo of about 5 tonnes of high-quality lithium carbonate produced from its industrial-scale pilot plant operations.

This cargo will deliver into the sales agreement for product from the Rincon Lithium Project which was executed in March 2019.

Consistent product

The company is achieving consistent high-quality lithium carbonate product from the pilot plant at the project, with results reaching up to 99.8% lithium carbonate content.

This also has very low impurity levels, including no detected iron or other magnetic materials based on regular sample lot testing using the company’s on-site laboratory.

In announcing the impending shipment, managing director Jerko Zuvela said, “We are excited at the pending maiden shipment of high-quality lithium carbonate produced from our Rincon Lithium Project and confirming our status as the first LCE producer from Salta Province in Argentina.

“It is another strong endorsement for Argosy, the Rincon Lithium Project and our fast-track development strategy toward commercial LCE production.”

Quick facts: Argosy Minerals Ltd

Price: 0.058 AUD

ASX:AGY
Market: ASX
Market Cap: $59.13 m
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