- Argosy Minerals (AGY) is on track to deliver its first five-tonne shipment of high-quality lithium carbonate to the Mitsubishi Corporation in Japan
- Lithium carbonate with 99.5 per cent purity will be shipped from Argosy’s Argentinian plant
- While the exact lithium sales price is yet to be announced, it has been calculated using the industry-standard benchmark for lithium carbonate prices
- The company is now working to receive regulatory export approval, arrange shipping documents and confirm the shipping schedule
- Argosy’s share price is steady with shares currently trading for 6.2 cents apiece
Argosy Minerals (AGY) is on track to deliver its first five-tonne shipment of high-quality lithium carbonate to the Mitsubishi Corporation in Japan.
Lithium carbonate with 99.5 per cent purity will come from the 2794-hectare Rincon Lithium Project in Salta Province, 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.
This scheduled shipment will deliver into the sales agreement executed with the Mitsubishi Corporation in March 2019.
The sales price for the cargo was only recently confirmed using a set formula agreed between both companies that is based on an industry-standard benchmark index LCE (lithium carbonate equivalent) product price.
The final price will include taxes, adjustments for product specifications, commission fees, and associated shipping costs.
Following confirmation of the sales price, Argosy is now working through the process to receive regulatory export approval, arrange shipping documents and confirm the shipping schedule.
Argosy expects no delay and has already worked through this process when delivering product samples to various Asian partners.
“This is another significant development milestone for the company, led by Pablo and the high-class Puna operations team, whose lithium processing expertise is world-class and provides us a distinct advantage to our lithium peers,” Managing Director Jerko Zuvela commented.
“This is an exciting period for Argosy and Puna, becoming the first high quality >99.5 per cent lithium carbonate product exporter from Salta Province, as we continue toward full development of our Rincon Lithium Project,” he added.
Argosy’s share price is steady in mid-morning trade with shares trading for 6.2 cents apiece at 11:34 am AEDT.