- Argosy Minerals (AGY) remains on track to achieve first commercial production at the Rincon Lithium Project, located in Argentina, from mid-2022
- Construction works for the development of the modular 2,000 tonne per annum lithium carbonate production operation is now 48 per cent complete
- The company says other work remains on track and within budget
- Once construction is completed, AGY plans to ramp up plant commissioning works and production test-works
- Shares in AGY are in the grey, trading at 27.5 cents at 10:35 am AEDT
In a company update, Argosy Minerals (AGY) said it remains on track to achieve first commercial production at the Rincon Lithium Project, located in Argentina, from mid-2022.
Argosy holds a 77.5 per cent interest in the project and is working towards 90 per cent.
The business stated last month that 44 per cent of the construction phase for the modular 2000 tonnes per annum lithium carbonate manufacturing plant was completed. That work has now progressed to 48 per cent complete.
Earthworks and land movement are nearly completed, and site work, comprising camp accommodation, laboratory, and office, is 86 per cent completed.
The bulk of the work is still needed in regards to plant equipment acquisition and plant warehouse works, with 40 per cent complete so far. Additionally, utilities and associated services, comprising vapour system, communication system and ancillary services works are 37 per cent complete.
Plant commissioning works, comprising raw materials acquisition and tender works, have also been underway with 13 per cent now complete.
Once the construction phase is complete, AGY plans to ramp up plant commissioning works and production test works.
Shares in AGY are in the grey, trading at 27.5 cents at 10:35 am AEDT.