The Argosy Minerals Limited (ASX: AGY) share price is racing higher following an update on its Rincon Lithium Project.
At the time of writing, the lithium miner's shares are up 4.69% to 33.5 cents.
Let's take a closer look and see what Argosy reported to the ASX market this morning.
Argosy progresses on Rincon development works
Investors are bidding up the Argosy share price following the company's latest positive developments.
According to its release, Argosy advised it has completed the brine systems work at the Rincon Lithium Project.
Argosy currently holds a 77.5% interest in the Rincon Lithium Project, located in Salta Province, Argentina. The mine is situated within the "lithium triangle" – the world's dominant source of lithium production.
The work conducted on the brine system includes the following:
- Expansion of the pumping station and construction of associated equipment
- Piping installation
- Plant settling ponds
- Establishing the brine production wells into the brine operations circuit
The remaining construction works to bring the project online are on budget and schedule.
Argosy is anticipating that first production of lithium carbonate will be achieved from mid-2022.
Once attained, management will focus on ramping up operations to mine 2,000 tonnes per annum of lithium carbonate later this year.
Argosy managing director Jerko Zuvela touched on the company's 2022 goal, saying:
The Company's Puna operations team have achieved another significant milestone, with the brine systems works now complete, as we head toward commencing the 2,000tpa lithium carbonate production operation at our Rincon Lithium Project.
We are committed to achieving our upcoming targets and becoming only the 2nd ASX- listed battery quality lithium carbonate producer and progressing toward the next stage 12,000tpa scale operations and beyond.
Argosy share price summary
In the last 12 months, the Argosy share price has returned 240% to shareholders, with year to date up 6%.
On valuation grounds, Argosy has a market capitalisation of roughly $446.41 million, with 1.31 billion shares on issue.
