- Argosy Minerals (AGY) confirms further operational progress at its Rincon lithium project in Argentina, with 67 per cent of works now completed
- Argosy confirms that design works are complete and it is making quick progress on the construction phase, which is 70 per cent complete
- Plant commissioning works are 13 per cent complete, but the company says significant progress will be made over the coming months
- On completion of the construction, plant commissioning and production test-works, and ramp-up to 2,000 tonnes per annum lithium carbonate operations will follow immediately
- AGY shares were up 3.19 per cent at 48.5 cents
Argosy Minerals (AGY) says it is on track to achieve first production of more than 99.5 per cent battery quality lithium carbonate product from mid-2022 as it confirmed further operational progress at its Rincon lithium project in Argentina.
The company said 67 per cent of works are now completed for the development of the modular 2,000 tonnes per annum (tpa) lithium carbonate production operation.
The operation major works comprises of three main phases of works, comprising design works (including engineering layout), construction and commissioning works.
Argosy said all design works are complete and are making quick progress on the construction phase, which is 70 per cent complete.
The construction phase is said to be progressing on budget and schedule, which includes 99 per cent completion of earthworks and land movements and 87 per cent completion of site works.
The company confirmed that there is still much work to be done in the plant commissioning works which are said to be 13 per cent complete, but insists that significant progress will be made over the coming months.
“The company’s Puna operations team are making significant progress on the construction and development works at our Rincon lithium project, as we move closer to commencing the 2,000tpa lithium carbonate production operations,” Managing Director Jerko Zuvela said.
“Argosy’s transformation into a cashflow generator is nearing, whilst also progressing toward the next stage 12,000tpa scale operations.”
Additionally, the company has recruited additional engineering and site personnel, is procuring the raw materials in preparation for production operations, and commenced training programs for the production team where the lithium carbonate product produced will be sold to supply the local market.
On completion of the construction phase works, the plant commissioning and production test-works, and ramp-up to 2,000tpa operations will follow immediately.
AGY shares were up 3.19 per cent at 48.5 cents as of 10:08 am AEDT.