logo-loader
viewArgosy Minerals Ltd

Argosy Minerals shares rise on development approval from government

Argosy has had its Environmental Impact Report (EIR) approved by the government of Salta Province.

Argosy Minerals Ltd - Argosy Minerals shares rise on development approval from government
A trial shipment is also planned for 5 tonnes of high-quality lithium carbonate

Argosy Minerals Ltd (ASX:AGY) has received official approval from the provincial government to develop the next stage of its Rincon Lithium Project in Argentina.

The official approval notice confirms the company now has all the necessary permits to commence works for the development of the initial ~2,000 tonnes per annum (tpa) modular lithium carbonate processing plant.

This approval will support the company as its advances ongoing discussions with a number of potential parties to fund the US$14.3 million processing plant.

Furthermore, Argosy will continue to focus on finalising strategic relationships and partnerships for the commercial development of the Rincon Lithium Project.

Key step to becoming commercial producer

Argosy’s managing director Jerko Zuvela said: “We are grateful to the Salta Province regulatory authorities, especially the Secretary of Mining and Energy who officially approved our EIR.

“This is now an exciting period for Argosy and Puna to become the first commercial lithium producer in Salta Province and progress toward full development of our Rincon Lithium Project.

“This is a significant milestone and I thank the Puna team for such an achievement, whose lithium processing expertise is critical and provides us a distinct advantage to our lithium peers - having successfully proven our chemical processing capability in producing >99.5% LCE product and now working toward commercial-scale production operations.”

Evaporation ponds built and ready, shipment scheduled

Concentrated lithium brine will be supplied to the proposed processing plant by the already built and operating 38 hectares of evaporation ponds at the project.

Also, the company has scheduled a preliminary trial cargo of 5 tonnes of high-quality lithium carbonate to be produced from the industrial-scale pilot plant for shipment during this current quarter.

This will deliver into the sales agreement signed with Mitsubishi Corporation RtM Japan Ltd in March 2019.

Quick facts: Argosy Minerals Ltd

Price: 0.058 AUD

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

Add related topics to MyProactive

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

NO INVESTMENT ADVICE

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...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Jindalee Resources' Lindsay Dudfield talks plans to unlock value at its...

Jindalee Resources Ltd's (ASX:JRL) Lindsay Dudfield discusses with Proactive London's Andrew Scott the plans to advance its McDermitt US lithium project. Back in June they received encouraging metallurgical test-work results from the project which confirmed an increase in lithium head grade...

1 day, 16 hours ago

2 min read