The Argosy Minerals Limited (ASX: AGY) share price is up 3.2% in early trade.
Argosy shares closed yesterday at 32 cents and are currently trading for 33 cents.
Below we look at the ASX lithium share’s latest progress update at its Rincon project.
What progress was reported at the Rincon Lithium Project?
The Argosy Minerals share price is gaining after the company reported plant and equipment manufacturing, procurement and delivery works were all progressing at its Rincon Lithium Project in Argentina.
On completion, the project will be able to produce 2,000 tonnes per annum (tpa) of lithium carbonate.
Among the newly-delivered gear were dryer/evaporator and vibrator equipment, all manufactured in Germany.
Argosy reported it has also received its first batch of process tanks and reactors at the site, while the required chillers and coolers have been delivered and installed.
The company is still awaiting delivery of some core components, including press and belt filters. These are coming from Asia and are expected to arrive on site in April, subject to potential shipping delays.
Laboratory equipment, filters, valves and instrumentation are also scheduled for delivery next month.
Argosy managing director Jerko Zuvela commented on the progress:
Each phase of completed works gets us closer to becoming only the second ASX-listed battery quality lithium carbonate producer and cashflow generator during a period of record-high lithium prices, whilst also progressing toward the next stage 12,000tpa scale operations and beyond.
We look forward to achieving our upcoming targets and commencing production operations this year at our Rincon Lithium Project.
Argosy Minerals share price snapshot
The Argosy Minerals share price has gained a whopping 250% over the past 12 months, dwarfing the 4% gains posted by the All Ordinaries Index (ASX: XAO) over that same time.
So far 2022 has been choppier for Argosy, with shares down 1.5% year to date. Though that’s still well ahead of the All Ords’ 8.6% losses.
The post Up 250% in a year, why the Argosy Minerals (ASX:AGY) share price is charging higher today appeared first on The Motley Fool Australia.
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More reading
- Why Argosy Minerals, De Grey, Whitehaven, and Woodside shares are racing higher
- ‘Significant milestone achieved’: Argosy (ASX:AGY) share price accelerates on Rincon update
- Argosy (ASX:AGY) share price buzzes 8% higher on lithium project news
- Argosy (ASX:AGY) shares climb on ‘significant milestone’ at Rincon
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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