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- Argosy Minerals (AGY) is advancing the development of its 2,000tpa lithium carbonate production operation at its Rincon lithium project in Argentina Salta
- With 83 per cent of the total development works complete, the company says it’s progressing on schedule and on budget
- Major works are divided into three main phases, with the design phase complete, and the construction phase and plant commissioning phases are 85 and 22 per cent complete
- Once the development phase has wrapped up, Argosy expects to achieve its first production of above 99.5 per cent battery quality lithium carbonate in the third quarter
- AGY shares are up 2.04 per cent, trading at 50 cents at 10:40 am AEST
Argosy Minerals (AGY) has completed 83 per cent of the total works for the development of its lithium carbonate production operation at its Rincon lithium project in Argentina’s Salta Province.
It is understood that Argosy is progressing on schedule and budget towards successfully developing the modular 2000 tonnes per annum (tpa) operation and becoming a commercial battery quality lithium carbonate producer.
The company also confirmed it is on schedule to achieve its first production of above 99.5 per cent battery quality lithium carbonate product during Q3 2022, following completion of construction works.
Major works of the operation was divided into three main phases of work, with the design phase completed.
The construction phase works is 85 per cent complete and plant commissioning works, which comprises raw materials procurement and developing a production operations team, is 22 per cent completed.
So far in the construction phase, only earthworks and land movements, and brine system works are fully complete.
Site works, process plant including plant equipment acquisition and plant warehouse works, and utilities and associated services are 94 per cent, 82 per cent and 85 per cent completed respectively.
Managing Director Jerko Zuvela is optimistic about the completion and reiterates that the company is progressing final stage commissioning.
“Pablo and his excellent Puna team are doing an outstanding job, working to ensure the final construction completion works, including equipment installation works, are well executed,” he said.
“The strong interest from strategic groups is further increased following their site visits and very positive feedback of our team, project and product, noting our Rincon lithium project will become the next commercial scale production operation.
“Argosy’s transformation into a cashflow generator is nearing, whilst also progressing toward the next stage 12,000tpa scale operations.”
The company also said it continues its team recruitment process and procurement of firstfill process reagents in preparation for production operations and is conducting in-house training programs.
Upon completion of the construction phase works, the plant commissioning and production test-works, the company will ramp-up to 2,000tpa operations immediately thereafter, with first product expected during the next quarter.
AGY shares were up 2.04 per cent, trading at 50 cents at 10:40 am AEST.
