Argosy Minerals Limited (ASX: AGY) continues to make further progress at the Rincon Lithium Project, located in Salta Province, Argentina.
To date 98% of the total works completed for the development of the 2,000tpa lithium carbonate production operation, including current commissioning works at 90% completion, during which the company has produced battery quality 99.76% lithium carbonate product, towards commencing lithium carbonate production operations.
The current commissioning and production test-works phase is scheduled to be completed over coming weeks, leading to then commencing the production ramp-up phase during the current quarter. The company is targeting to complete the ramp-up phase and achieve steady-state production operations by end of Q2-CY2023.
The 2,000tpa production operation major works comprised three main phases – being design, construction and commissioning – with the design and construction phases being effectively completed.
The plant commissioning works are 90% complete, have produced 1 tonne of battery quality lithium carbonate product, and have advanced toward full integration of plant and systems commissioning, and progressing toward the production ramp-up phase, with:
- 100% raw materials procurement/acquisition achieved;
- 100% of operations personnel recruitment and development completed; and 85% plant and equipment commissioning tests performed.
“The company has achieved momentous growth and development at our Rincon Lithium Project 2,000tpa operation during 2022 as we advance towards becoming the second ASX listed commercial scale lithium carbonate producer,” Managing Director, Jerko Zuvela, said.
“The company will now look to complete the 2,000tpa operation commissioning works and progress with ramping-up toward steady-state production operations and producing battery quality lithium carbonate product.
“We look forward to achieving many more significant milestones in 2023 as we transform into a cashflow generator, capitalising on lucrative lithium carbonate prices via upcoming product sales revenues, leading to a significant near-term growth phase for the company.”
Argosy is well positioned to take advantage of current and near-term lithium prices via the 2,000tpa production operations, with the S&P Platts lithium carbonate price CIF North Asia recently trading at US$75,000/t.
For further information please visit: https://www.argosyminerals.com.au/
