Here’s why lithium miner Argosy Minerals’ (ASX:AGY) share price is leaping 9% today

Lithium carbonate prices are maintaining record highs.

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Key points

  • Argosy Minerals share price leaps higher on project update 
  • The ASX lithium miner's Argentinian project is nearing completion 
  • First commercial battery quality lithium carbonate production expected mid-year 

The Argosy Minerals Limited (ASX: AGY) share price is leaping higher, up 8.5% in early trade.

Argosy shares closed yesterday at 47 cents and are currently trading for 51 cents.

Below we look at the progress update highlights from the ASX lithium miner’s Rincon Lithium Project in Argentina.

What progress was announced?

The Argosy Minerals share price is storming higher after the miner reported that 67% of the work has been completed on its modular 2,000 tonnes per annum (tpa) lithium carbonate production operation at Rincon.

Argosy said it’s on track to commence production of 99.5% battery quality lithium carbonate product from mid-2022.

The design work for the project has been fully completed, while 70% of the required construction work is finished.

Most of the onus in moving towards production now falls on plant commissioning works. That includes acquiring the necessary raw materials and getting the right workforce in place and trained. Argosy said this phase is now 13% complete.

Commenting on the progress, Argosy managing director, Jerko Zuvela said:

The company’s Puna operations team are making significant progress… as we move closer to commencing the 2,000tpa lithium carbonate production operations.

The lithium market remains very positive and lithium carbonate prices are maintaining record highs, which is providing great interest in our project and especially our product, noting our Rincon Lithium Project will become the next commercial production operation.

Argosy’s transformation into a cashflow generator is nearing, whilst also progressing toward the next stage 12,000tpa scale operations. We look forward to a significant near-term growth phase from our operations this year and beyond.

Argosy Minerals share price snapshot

The Argosy Minerals share price has been a standout performer on the ASX.

Over the past 12 months, Argosy shares have gained an eye-popping 439%, tromping the 10% gains posted by the All Ordinaries Index (ASX: XAO) over that same period.

So far in 2022 the Argosy Minerals share price is up 44%.

The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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