Argosy Minerals (ASX:AGY) progresses Rincon Project – The Market Herald

0
221



Market Herald logo

Subscribe

Be the first with the news that moves the market

  • Argosy Minerals (AGY) is almost half way through the total works for its carbonate production operation at the Rincon Project in Argentina
  • The majority of the design phase is complete, while the construction phase just passing 40 per cent and plant commissioning works are progressing, with 9 per cent complete
  • AGY says it’s on track for first commercial production of the lithium carbonate product from mid next year
  • Shares were trading 3.4 per cent higher at 30 cents

Argosy Minerals (AGY) is almost halfway through the total works for its lithium carbonate production operation at the Rincon Lithium project in Argentina.

The company is moving towards completing the 2000-tonne-per-annum operation in time for its target of first commercial production from mid-2022.

The work being undertaken comprises three main phases including design, construction and commissioning.

AGY said the design phase and engineering layout is effectively complete at 99 per cent finished, while the construction phase is 44 per cent complete and plant commissioning works are in progress with nine per cent complete.

Specifically, the company said the construction phase which comprises the process plant, equipment and associated installations, earthworks and site construction, and expansion of the brine system are progressing on budget and schedule.

Argosy is aiming to have the construction phase finalised by April 2022, with commissioning works, production test-works and ramp-up to follow immediately after.

Moving forward, the company is focusing on industrial plant construction works and plant equipment sourcing.

In particular it said site works are gaining momentum, with work scheduled to advance over the coming months.

Noting the lithium market sentiment and lithium carbonate prices, Managing Director Jerko Zuvela said the company is excited about its progress, with plans to progress to a 10,000 tonne per annum operation.

“We look forward to a significant near-term growth phase from the increasing development activity at our Rincon Lithium Project,” he said.

Shares were trading 3.4 per cent higher at 30 cents at 10:18am AEDT.





LEAVE A REPLY

Please enter your comment!
Please enter your name here