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Argosy Minerals signs another agreement towards lithium funding
09:30 31 Mar 2017
An MOU has been signed regarding the Rincon Lithium Project.
http://www.*.com.au/thumbs/upload/Article/Image/2017_03/757z468_shutterstock_578045545_58dd8f9eca8c3.jpg
The Rincon Lithium Project continues to receive interest from Chinese parties
Argosy Minerals (ASX:AGY) has signed a memorandum of understanding with a well-established Shanghai based company with a focus on sourcing and producing lithium raw materials and products for domestic battery industries.
The agreement with Shanghai Greatpower Industry Co., Ltd has the potential to lead to future investment to fast-track the Stage 2 development of Rincon Lithium Project located in Argentina.
It is a result of recent strategic meetings in China with several significant tier one companies in the Chinese lithium battery sector.
Jerko Zuvela, managing director, commented: “We are delighted to secure another MOU so quickly following our meeting with Greatpower.
“They have shown very keen interest to expedite this process to consider their interest for Argosy to fast-track Stage 2 development works at the Rincon Project and continue our development strategy toward production of lithium carbonate equivalent product.”
Shanghai Greatpower Industry Co., Ltd
Shanghai Greatpower integrates commodity supply chain management, vertical finance and resources services, with a focus on sourcing and producing lithium raw materials and products for domestic battery industries.
It is particularly attracted by Argosy’s target to produce lithium carbonate equivalent (LCE) product in the short to medium term at the Rincon Project, and for potential funding, off-take, partnership and/or other value-adding commercial agreements in consideration for Stage 3 development of the project.
Shanghai Greatpower is also attracted by Argosy’s technical team’s expertise and experience in processing and producing LCE product.
Rincon Lithium Project
Argosy is earning up to a 90% interest in the Rincon joint venture lithium project located in Argentina.
The company plans to produce a laboratory scale quantity, targeting up to 150 tonnes of LCE product from the project.
Argosy will earn a 50% interest by completing its proposed Stage 1 work schedule:
- Environmental studies and regulatory approvals/permits (December quarter 2016);
- Pond construction and associated works, including contractor tendering (March quarter 2017);
- Pond lining and associated works (June quarter 2017);
- Brine extraction, pumping, storage and transportation works (September quarter 2017);
- Pilot plant construction and test-work (December quarter 2017); and
- Pending success of the Stage 1 development, product LCE product (March quarter 2018).
Not the first expression of interest
During March, Argosy also signed a memorandum of understanding with a Chinese entity aimed at fast-tracking the development of its Rincon Lithium Project in Argentina.
The agreement with CCK Industrial Group Co., Ltd provides scope to work towards a binding agreement whereby CCK may invest to facilitate the funding of Argosy’s Stage 2 development works at Rincon.
CCK is a Chengdu based conglomerate with more than US$700 million in annual turnover.
The company and CCK planned on further discussions with an aim to formalise an investment proposition for the Stage 2 funding.
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