The Argosy Minerals Limited (ASX: AGY) share price is on the move on Thursday morning.
At the time of writing, the lithium developer's shares are up 10% to 36.5 cents.
This means the Argosy share price is now up over 25% since this time last week.
Why is the Argosy share price rising?
Investors have been bidding the Argosy share price higher today following the release of an update on the company's Rincon Lithium Project in Argentina.
According to the release, approximately 90% of the total works have now been completed for the development of the 2,000tpa lithium carbonate production operation.
Positively, the company remains both on budget and schedule. It expects to achieve first battery quality lithium carbonate production during the upcoming third quarter of calendar year 2022.
The main work that remains relates to plant commissioning. Design phase work is complete, construction work is 94% complete, and plant commissioning work is 42% complete.
Management commentary
Argosy's Managing Director, Jerko Zuvela, was pleased with the progress. Particularly given that the company will be entering the market at a time when lithium prices are at record levels.
Mr Zuvela commented:
The Company's Puna operations team are getting closer to completing construction works and progressing with plant commissioning works, and then commencing lithium carbonate production operations.
The lithium market remains very positive and lithium carbonate prices are forecast to continue around record highs during 2022 and 2023, resulting in very robust upcoming product sales revenues.
The Company is very excited with our progress to become the next commercial scale lithium carbonate production operation, transforming into a cashflow generator, and progressing toward the next stage 12,000tpa scale operations.
