- Argosy Minerals (AGY) has received a five-tonne lithium carbonate package, which is ready to be shipped next week
- This shipment is being delivered from Argosy’s Rincon Lithium Project in Argentina to Mitsubishi Corporation, a minerals resource company in Japan
- Mitsubishi is sourcing raw materials, such as high purity lithium, to supply the electric vehicle market
- While operations at Argosy’s pilot plant are suspended, it assures it has enough stock for future delivery
- Argosy is down a slight 1.96 per cent and shares are trading for 5 cents each
Argosy Minerals (AGY) has received a five-tonne lithium carbonate package, which is ready to be shipped next week.
The company received all of the necessary regulatory and export approvals, ship booking confirmation, arranged the necessary shipping documents, and provided all these to Mitsubishi Corporation RtM Japan under their sales and purchase agreement.
This agreement was struck in March 2019 to have lithium carbonate at a 99.5 purity grade delivered from the 2794-hectare Rincon Lithium Project in the Salta Province in Argentina.
Argosy holds a 77.5 per cent interest in the joint venture company that owns the project, Puna Mining, and has the opportunity to increase that holding to 90 per cent by funding stage three development.
“Following the inopportune timing for the initial delivery schedule, the company and the high-quality Puna operations team are very excited to join the exclusive list of international lithium carbonate product exporters,” Managing Director Jerko Zuvela said.
“It is another significant development milestone for the company, becoming the first high quality >99.5% lithium carbonate product exporter from Salta Province, as we continue toward full development of our Rincon Lithium Project,” Jerko said.
Due to continued Argentine Government measures to limit the contact and movement of people, Argosy is keeping pilot plant operations suspended at the Rincon Lithium Project until it’s deemed safe and responsible to resume.
In saying that, the company has additional >99.5% lithium carbonate product in stock in preparation for future delivery.
Argosy is down a slight 1.96 per cent and shares are trading for 5 cents each at 10:26 am AEST.