Rincon Product On Its Way To Korea
Argosy Minerals Limited (ASX: AGY) has confirmed the successful export shipment of 20 metric tonnes of >99.5% high purity battery quality lithium carbonate product from its industrial scale pilot plant operations at the Rincon Lithium Project in Salta Province, Argentina to Korean chemical company – Y. N Chemical Co. Ltd.
Managing Director, Jerko Zuvela, said that with the shipment underway, the company has now delivered the requisite shipping documents – Commercial Invoice, Bills of Lading, Packing List, Marine Cargo Insurance Policy, Certificate of Analysis and Certificate of Origin, as per the terms of the Spot Sales Contract and associated payment process via Irrevocable Letter of Credit at Sight, and payment to be made immediately upon receipt of these original documents.
“Argosy’s ability to produce high purity battery quality lithium carbonate product on an industrial scale is what separates Argosy’s technology expertise from all our junior peers,” Mr Zuvela said.
“This puts Argosy in the enviable category with international lithium producers, with our high quality product being recognised by customers across Asia and Europe.
“In addition, the sales price achieved is higher than many of the larger lithium producers, reflecting the quality of and interest to secure our product, and confirming the marketability of our high quality >99.5% lithium carbonate, noting the 20 metric tonne product sale is a pre-cursor to potential future Stage 2 off-take arrangements.”
Mr Zuvela said the delivery of the 20 metric tonne cargo further confirms the advanced stage the company continues operating at, utilising its exclusive, proprietary and successful environmentally clean and conventional chemical process technology (compared to lab-scale testing being conducted by other lithium companies).
The ability to produce high purity battery quality lithium carbonate product from the industrial scale pilot plant gives the Company great confidence and considerably reduces the associated risks for Argosy when progressing to the larger scale ~2,000tpa and ultimately ~10,000tpa operations.
Mr Zuvela noted the recent marked increase in lithium carbonate prices (currently trading at a 16-month high) and the significant improvement in the general lithium sector thematic, with the company looking to leverage off the rising prices by fast-tracking the construction of the ~2,000tpa processing plant. This targeted scale operation will enable an uncomplicated and speedy pathway to production ahead of many other potential producers.
