Argosy Minerals expects to export its first batch of lithium carbonate from the Rincon project in Argentina to Mitsubishi Corporation this month.
The Australian junior lithium owner is scheduled to deliver a preliminary trial cargo comprising five tonnes of more than 99.5 per cent lithium carbonate as part of its sales agreement with Mitsubishi.
The company owns 77.5 per cent of Puna Mining SA, the Argentinian joint venture company which owns Rincon. Upon reaching the commercial operations, Argosy will hold 90 per cent of Puna Mining.
Argosy’s managing director, Jerko Zuvela said this step would mark a significant development milestone for the company as it joins the exclusive list of international lithium carbonate exporters.
“This is an exciting period for Argosy and Puna, becoming the first high quality more than 99.5 per cent lithium carbonate product exporter from Salta province, as we continue towards full development of our Rincon lithium project,” he said.
Argosy has already provided a certificate of analysis to Mitsubishi for each tonne of product and sent the corresponding five per-shipment samples representative of each tonne being delivered.
Once the sale price information is confirmed as per the terms in the sales agreement, Argosy will work out the shipping schedule, with the cargo expected to be shipped before the end of month.
Argosy commenced site works at its industrial scale pilot plant in Rincon in November 2016 and produced its first lithium batch in June 2018. The company is working towards a scale-up target of 2000 tonnes of battery-grade lithium carbonate production a year at the site.
The company has advanced discussions with a number of potential capital providers for the scale up of its industrial scale pilot plant towards a 2000 tonnes-per-annum target.
If a successful funding resolution is achieved, Argosy plans to commence construction and associated development works on the plant within the first half of 2020 financial year.