MALRY - Lithium Miners News For The Month Of July 2023

2023-07-27 12:08:30 ET

Summary

• Lithium chemical spot prices and spodumene prices were lower the past month.
• Lithium market news - DoE: Lithium & nickel are the two 'high importance to energy' critical materials in the mid term (2025-2035). China lithium futures market begins trading.
• Lithium company news - Albemarle amends JV deal with Mineral Resources, to pay $380M-$400M, Albemarle will take 100% ownership of Kemerton LiOH facility.
• Pilbara Minerals achieves the highest quarter of production since commissioning of 162.8k tonnes spodumene in Q4 FY23. Allkem first production achieved at Olaroz Stage 2, US$130M Project financing [loan] for Sal de Vida signed.
• Piedmont Lithium/Atlantic Lithium Ghana Lithium Project DFS - Post-tax NPV8% of US$1.5bn. CapEx US$185 million. Lithium Nevada beats Thacker Pass Mine challenge in 9th Cir.

Welcome to the July 2023 edition of the lithium miner news.

The past month saw lithium prices fall back a little after the recent price recovery. We also saw several of the new lithium producers struggling to ramp production. This is a reminder of how hard it is to rapidly bring on new lithium supply and how it usually runs late.

Lithium price news

Asian Metal reported during the past 30 days, the 99.5% China delivered lithium carbonate (99% min.) spot price was down 6.27% and the China lithium hydroxide (56.5% min.) price was down 8.23% . The Lithium Iron Phosphate (3.9% min) price was down 2.39% . The Spodumene (6% min) price was down 0.62% over the past 30 days.

Metal.com reported lithium spodumene concentrate (6%, CIF China) average price of USD 3,485/t, as of July 25, 2023.

China lithium carbonate spot price 5 year chart - CNY 294,500 (~USD 41,122) ( source )

SPGlobal lithium price forecast as of Nov. 2022 ( source )

Wood Mackenzie's lithium price forecast - July 2022 ( Source )

Lithium demand versus supply outlook

2022 - UBS lithium demand v supply forecast to 2030

Lithium demand v supply forecast by Benchmark Mineral Intelligence (mid 2022 forecast)

Fastmarkets lithium demand v supply forecast (as of 2022) ( Source )

BMI (Q2, 2022 forecast ) - Lithium demand to exceed supply mostly this decade

Lithium demand v supply chart (kt LCE battery grade) (deficits forecast every year with only a slight surplus in 2027) ( source )

Trend Investing v IEA demand forecast for EV metals ( Trend Investing ) ( IEA )

2021 IEA forecast growth in demand for selected minerals from clean energy technologies by scenario, 2040 relative to 2020 - Increases Of Lithium 13x to 42x, Graphite 8x to 25x, Cobalt 6x to 21x, Nickel 7x to 19x, Manganese 3x to 8x, Rare Earths 3x to 7x, And Copper 2x to 3x

Rio Tinto forecasts lithium emerging supply gap (October 2021) - 60 new mines the size of Jadar will be needed

BMI demand growth 2022-2035 (in mtpa) for critical metals. Number of new mines required by 2035 - 78 new lithium mines needed

Lithium market and battery news

Something we missed in May. In late May the U.S DoE released their draft Critical Materials Assessment report stating (page 29):

"There are six critical materials in the short term, which include cobalt, dysprosium, gallium, natural graphite, iridium, and neodymium."

Note: Lithium & nickel are the two 'high importance to energy' critical materials in the mid term (2025-2035)

Dysprosium rates the highest supply risk critical mineral in the short term 2020-2025 ( source - page 28)

Lithium & nickel are the two 'high importance to energy' critical materials in the mid term (2025-2035) ( source - page 29)

On June 19 Benchmark Mineral Intelligence reported :

Financing the battery arms race: The $514 billion cost of bridging the global EV supply chain divide.....Demand for lithium ion batteries is forecast to grow to 3.7 terawatt-hours by 2030, up from around 1 TWh this year. Most of this growth is driven by an ever increasing demand for electric vehicles. Producing the critical raw materials will require $220 billion (43% of the total), with nickel and lithium accounting for over half of that. Manufacturing the additional 2.7 TWh of batteries needed by 2030 will require $201 billion and the midstream production of battery materials will take the remaining $93 billion..... Benchmark's view is that lithium, more than any other part of the supply chain, will be the bottleneck for the growth of the battery industry. To put the scale of the lithium challenge into context, more lithium will be needed in 2030 than was mined between 2015 and 2022, according to Benchmark's Lithium Forecast .

Benchmark breakdown of the supply chain estimated costs needed to reach 2030 battery cell demand estimates ( source )

On June 24 Best Stocks reported : "The future is lithium: Investing in the essential metal for tech and energy progress."

On June 26 Investing news reported : "7 Biggest lithium-mining companies in 2023."

On June 28 CNBC reported : "Norwegian battery company Freyr to open US manufacturing facility with stimulus from IRA."

On June 29 Reuters reported :

Exxon Mobil expands lithium bet with Tetra Technologies deal. Exxon Mobil has agreed to develop more than 6,100 lithium-rich acres in Arkansas with Tetra Technologies Inc........

On June 30 Benchmark Mineral Intelligence reported :

UK set to begin lithium mining as France's Imerys agrees deal with British Lithium.....The JV aims to produce 20,000 tonnes LCE a year of lithium carbonate.....

Note: British Lithium state on their website: "Our plan is to be in full-scale lithium production by 2028." And that "Imerys has acquired an 80% stake in British Lithium".

On July 2 Reuters reported :

Argentina to begin lithium battery production in Sept......Livent had agreed earlier this year to supply lithium to the new plant, which was developed by Y-TEC, a unit of Argentine state oil firm YPF. ......Argentina's first plant for lithium batteries will begin operations in September......

On July 3 Bloomberg reported :

China jumps ahead in the rush to secure lithium from Africa.......Spurred by a flurry of investment from Chinese companies, mines across the continent are forecast to increase production of lithium raw materials more than 30-fold from last year's volume by 2027, according to S&P Global Commodity Insights. Africa will account for 12% of global supply by then, compared with 1% in 2022.

On July 4 Mining.com reported :

Australia forecasts brutal lithium price correction as output surges.....In its quarterly report released on Monday, the Australian government said it expects spodumene prices to decline slightly from an average of $4,368 a tonne in 2022 to average $4,357 a tonne in 2023.....However, 2024 will see a dramatic drop-off in contract value for Australia's hard rock miners with prices declining nearly 40% year-on-year to $2,740 a tonne on average during the year and fall further to $2,149 a tonne in 2025.

On July 6 Reuters reported :

CATL touts breakthrough in cold-weather EV charging.....it has developed new materials for lithium-ion batteries that would sharply improve charging efficiency for electric vehicles, especially in extreme cold.

On July 12 Benchmark Mineral Intelligence reported :

Battery cathode prices rise for first time this year as lithium costs increase.....Lithium makes up around 30% of the costs of lithium ion battery cells" and "The price of lithium iron phosphate ((LFP)) cathodes reported the largest increase with prices in China rising 19.9% month-on-month to an average of RMB 87,500 per tonne ($12,210). The LFP cell production accounted for 67% of Chinese production in May, reaching 37.8 GWh.......

On July 13 Seeking Alpha reported :

FREYR Battery up after announcing $112M grant. FREYR Battery (NYSE: FREY ) rose 3.65% on Thursday afternoon after the company said it was awarded a €100M ($112M) grant from the EU to support the development of its Giga Arctic project in Norway. Giga Arctic has been under construction for over a year and is designed to be a 29GWh nameplate capacity facility powered with 100% renewable hydroelectricity.

On July 21 Mining Weekly reported :

China's first-ever lithium futures tumble on trading debut......Lithium carbonate on the Guangzhou Futures Exchange fell below the base settlement price of 246 000 yuan ($34 263) a ton on Friday, data from the bourse show.....The fact that the new futures are all for next year may have contributed to the price drop. "Sentiment is now tempered by an anticipated surplus for lithium products in 2024," she said, adding that first quarters are also typically a slow period for restocking activity in China.

Lithium miner news

Albemarle ( ALB )

On July 19 Albemarle announced :

Albemarle Amends MARBL Lithium Joint Venture. Albemarle Corporation (ALB).....has agreed to amend the terms of the transaction signed earlier this year with Mineral Resources Limited (ASX: MIN.AX). The amended agreements are intended to further simplify commercial arrangements entered into by the parties in February of this year. Pending regulatory approvals, the amended arrangements are intended to provide greater strategic opportunities for each company based on their global operations and the evolving lithium market. Under the new agreements, Albemarle will take 100% ownership of the Kemerton lithium hydroxide processing facility in Australia that is currently jointly owned with Mineral Resources through the MARBL joint venture. Albemarle will also retain full ownership of its Qinzhou and Meishan lithium processing facilities in China. Other key aspects of the February 2023 agreement remain in effect, including the April 1, 2022, economic effective date ((EED)) and joint ownership of the Wodgina mine, with Albemarle and Mineral Resources to each own a 50% share upon closing and Mineral Resources serving as the operator.....Upon closing, Albemarle expects to pay Mineral Resources US$380 - 400 million which includes net consideration for the remaining 15% ownership of Kemerton as well as EED settlement adjustments. Actual settlement adjustments will depend on the date of close.

Sociedad Quimica y Minera S.A. ( SQM ), Wesfarmers [ASX:WES] ( WFAFY ), Covalent Lithium (SQM/WES JV

On July 5 Sociedad Quimica y Minera S.A. announced :

SQM announces new long-term lithium agreement with LG Energy Solution.....to supply over 100,000 metric tonnes of battery grade lithium carbonate and lithium hydroxide during 2023-2029 period.....

Upcoming catalysts:

Q4, 2023 - Mt Holland spodumene production to begin (SQM/Wesfarmers JV).

Q4, 2024 - 50ktpa Lithium hydroxide [LiOH] refinery (SQM/Wesfarmers JV).

Investors can read SQM's latest presentation here or the latest Trend Investing article on SQM here .

Jiangxi Ganfeng Lithium [SHE:002460] [HK: 1772] ( GNENF ) ( GNENY )

On July 6 Market Screener reported :

Ganfeng Lithium Group Co.....announced final profit distribution plan to be implemented on A shares as cash dividend per ten shares (tax included) of CNY 10.00000000 for the year 2022, payable on 12 July 2023. Record date is 11 July 2023. Ex-date is 12 July 2023.

On July 21 Market Screener reported : "Ganfeng Lithium to invest up to 6 billion yuan in battery factory....."

Investors can read the recent Trend Investing article on Ganfeng Lithium here .

Goulamina Lithium Project (Ganfeng/Leo Lithium JV) is set to begin spodumene production in Q2, 2024 ( source )

Note: Some related Goulamina DSO news here from Leo Lithium.

(Chengdu) Tianqi Lithium Industries Inc. [SHE:002466], Tianqi Lithium Energy Australia (TLEA) is a JV with Tianqi Lithium (51%) and IGO Limited (49%). TLEA owns the Kwinana lithium hydroxide facility in WA

No news for the month. See also Mineral Resources news regarding an Essential Metals takeover bid.

Kwinana lithium refinery JV (51% Tianqi: 49% IGO) in Western Australia

Pilbara Minerals [ASX:PLS] (PILBF)

On July 24 Pilbara Minerals announced : "June 2023 quarterly activities report." Highlights include:

• "Production of spodumene concentrate increased by 10% to 162.8k tonnes [KT] in Q4 FY23, the highest quarter since commissioning, driven by continued improvements in processing, with production for FY23 meeting the top end of upgraded production guidance.
• Sales of spodumene concentrate increased 22% to 176.3kt in Q4 FY23 driven by ongoing customer demand. On an ~SC5.3% basis, the average estimated realized price for spodumene concentrate for the quarter was US$3,256/dmt (CIF China). On an SC6.0 equivalent basis, the average estimated sales price was US$3,714/dmt (CIF China).
• Revenue was 18% lower against prior quarter, with a 33% decline in average realized selling price offset by sales volume increases - FY23 revenue increased 238% to $4.0B.
• Unit operating cost (FOB) was stable at $628/t in Q4 FY23, with a 15% improvement on a CIF basis to $976/t primarily due to declining royalty and shipping costs.
• Cash increased 24% to $3.3B in Q4 FY23, driven by an increase in proceeds from sales offsetting a step up in capital investment.
• P680 primary rejection facility, P1000 expansion project and POSCO JV lithium hydroxide plant remain on schedule. Final investment decision [FID] for the Mid-Stream Demonstration Plant is imminent.
• Partnership process commenced for a potential downstream joint venture for up to 300,000 tonnes per annum (tpa) of future unallocated spodumene concentrate from the P1000 expansion.
• Major resource development drilling campaign of 153 holes for 46,904m completed with results being modelled for an updated JORC Mineral Resource and Ore Reserve estimate."

You can view the latest company presentation here .

Upcoming catalysts:

• Late 2023 - P680 Expansion Project set to begin production.
• Late 2023 - Plan to commission production of POSCO/Pilbara Minerals (18%, option to increase to 30%) JV LiOH facility in Korea.
• Q3, 2025 - P1000 Expansion Project set to begin production.

Mineral Resources [ASX:MIN] ( MALRF )

Mineral Resources lithium assets include Mt Marion Mine (50% MIN: 50% Ganfeng). Wodgina Lithium Mine (50% ALB: 50% MIN).

On July 2 Reuters reported :

UPDATE 1-Australia's Develop Global to acquire Essential Metals for $102 mln......Develop Global, a base metals explorer backed by lithium producer Mineral Resources, on Monday proposed to acquire Australian lithium developer Essential Metals in a share-based deal worth A$152.6 million ($101.60 million)......Mineral Resources, which also produces iron ore and offers mining services, had taken a top stake in Essential in April when it rejected a takeover offer from a lithium producing joint venture owned by Tianqi Lithium and IGO.

On July 20 Mineral Resources announced :

Simplified MARBL JV agreement reached. Mineral Resources Limited (ASX: MIN) (MinRes) is pleased to advise it has amended the terms of the transactions signed with Albemarle Corporation (ALB) (Albemarle) in February 2023. The updated MARBL Joint Venture will simplify the commercial arrangements between the two companies and ensure each has the flexibility and focus required to deliver value for their shareholders in an evolving market. MinRes' share of the Wodgina lithium mine will increase to 50% and MinRes will remain the operator of the mine. Albemarle will take full ownership of the Kemerton lithium hydroxide plant, which it currently operates. As per the February 2023 agreement, the economic effective date for the revised transaction will be 1 April 2022. Albemarle will pay MinRes an estimated US$380-400 million including the net consideration for MinRes' share of Kemerton and completion adjustments at Wodgina and Kemerton. Under the updated agreements, MinRes will no longer invest in any Chinese conversion assets with Albemarle and will not make any payments to Albemarle for joint downstream investments. MinRes will enter a transitional tolling arrangement with Albemarle to convert Wodgina spodumene until 30 June 2024 to allow MinRes to continue to build its team in China. MinRes will transition to market its own share of Wodgina spodumene concentrate and lithium battery chemicals within two months of the Completion Date and has established an office and warehouse in Ningbo, China.

Investors can read the latest Trend Investing article on Mineral Resources here .

Livent Corp. ( LTHM )[GR:8LV] (NB: Allkem and Livent plan to merge towards the end of 2023)

On June 29 Livent Corp announced :

Resumption of operations at Livent Bessemer City and status of ongoing remediation efforts. Livent's manufacturing facility in Bessemer City, North Carolina, has resumed operations following the fire which broke out at an onsite warehouse early on Monday morning. All lithium hydroxide, butyllithium and catalyst grade lithium metal production lines are now back in operation, and the majority of Livent personnel have returned to their normal shifts. The company is still assessing the timetable to restore some of its smaller production units, including those for high purity lithium metal and pharmaceutical grade lithium carbonate.

Allkem [ASX:AKE] [TSX:AKE] ( OROCF ) (NB: Allkem and Livent plan to merge towards the end of 2023)

On July 18 Allkem announced :

June quarter results briefing. First production achieved at Olaroz Stage 2 Allkem Limited (ASX|TSX: AKE, "Allkem" or the "Company") is pleased to advise that Stage 2 of the Olaroz Lithium Facility has successfully achieved first production, with wet lithium carbonate cake produced at the filter presses. The Olaroz Stage 2 development has a nameplate capacity of 25,000 tonnes per year ("tpa") of technical grade lithium carbonate......

On July 24 Allkem announced : "Update in relation to merger with Livent Corporation." Highlights include:

Allkem is pleased to provide the following update on the progress of the Transaction:

• ".......Subject to receipt of all necessary regulatory, shareholder and Australian Court approvals, and the satisfaction or waiver of other closing conditions, Allkem and Livent are currently still targeting completion of the Transaction by around the end of CY2023."

On July 25 Allkem announced : "US$130M Project financing for Sal de Vida signed." Highlights include:

• "An IFC project financing facility for the development of Sal de Vida Project Stage 1 ("SDV") has been signed for up to US$130M over a ten-year period consisting of an A loan of up to $100M and B loan of up to $30M. Allkem is in discussions with another lender to increase the project finance facility by a further $50M, for a total financing package of $180M.
• This project financing facility has been structured as a green and sustainability-linked loan....."

Upcoming catalysts include:

• 2023/24 - Olaroz Stage 2 ramp of production to 25ktpa. When combined with Stage 1 total capacity will be 42.5ktpa.
• Mid 2024 - Sal De Vida Stage 1 production targeted to begin and ramp to 15ktpa . SDV Stage 2&3 combined will begin about 2025 and ramp to an additional 30ktpa. Total combined when completed will be 45ktpa.
• ?2025/26 - James Bay production targeted to start.

You can read the latest investor presentation here . You can read the latest Trend Investing Allkem article here .

AMG Advanced Metallurgical Group NV [NA:AMG] [GR:ADG] (AMVMF) ( plan to change name to AMG Critical Materials N.V.)

No significant news for the month.

Upcoming catalysts:

• H2, 2023 - Stage 2 production at Mibra Lithium-Tantalum mine (additional 40ktpa) forecast to begin, bringing total production capacity to 130ktpa.
• Q4, 2023 - Lithium hydroxide facility in Bitterfeld-Wolfen Germany to be commissioned. First module to be 20,000tpa LiOH.
• 2025-2028 - German LiOH facility expansion plan with Modules 2-5 (100,00tpa LiOH).

You can view the latest company presentation here or the Trend Investing article here .

Sayona Mining [ASX:SYA] (SYAXF)

On July 4 Sayona Mining announced : "New NAL milestone with 30,000t lithium concentrate produced." Highlights include:

• "30,000 tonnes of spodumene (lithium) concentrate produced by North American Lithium [NAL] operation, ahead of schedule; average concentrate grade 5.5% Li2O.
• Stockpile building at port ahead of first planned shipment in July 2023.
• NAL continuing successful ramp?up amid focus on safe and sustainable production, supporting North America's electrification drive."

On July 6 Sayona Mining announced : "Mallina drilling increases strike and identifies new zones of mineralised spodumene." Highlights include:

• "Extensions of known mineralised strike up to 300m with grades up to 1.87% Li2O.
• New discoveries showing intersections of up to 1.66% Li2O.
• Many pegmatites remain open both along strike and at depth.
• Planning underway for infill drilling around the most promising intercepts."

On July 11 Sayona Mining announced : "Drill results show significant expansion to Moblan Lithium Footprint." Highlights include:

• "First results for 2023 drilling identify 750m eastern extension to flat lying South Pegmatite system; high grade results include: 41.0m @ 1.66% Li2O from 80.8m in 1331?23?406. 42.7m @ 1.42% Li2O from 119.9m in 1331?23?416. 34m @ 2.09% Li2O from 207.3m in 1331?23?424, including 4.01% Li2O between 210?211m and 4.03% Li2O between 226?227m.
• New, near surface pegmatite identified in eastern step out drilling: 70.4m @ 1.41% Li2O returned from 11.4m in hole 1331?23?423 and 44.4m @ 1.55% Li2O from 15.2m in adjacent hole 1331?23?424.
• High grade results identified outside of resource pit shell model; mineralisation remains open with resource drill out continuing, as Sayona's northern Québec lithium hub increases in size and substance."

Upcoming catalysts include:

• 2023 - Spodumene production ramp up at NAL operations (owned SYA 75%: PLL 25%).

Piedmont Lithium (Nasdaq: PLL ) [ASX:PLL]

Piedmont Lithium 100% own the Carolina Lithium spodumene project in North Carolina, USA; as well as 25% of the North American Lithium [NAL] Project in Canada and 50% of the Ghana Lithium Project.

On June 27 Piedmont Lithium announced : "Piedmont Lithium releases Inaugural Sustainability Report......"

On June 29 Piedmont Lithium announced (Re: Ghana Lithium Project): "Definitive Feasibility Study. DFS confirms project's economic viability and indicates low capital intensity and exceptional profitability potential." Highlights include:

• "3.6 million tonnes ("Mt") spodumene concentrate production over 12-year Life of Mine ("LOM").
• Exceptional Project economics: Post-tax Net Present Value ("NPV8") of US$1.5bn with free cash flow of US$2.4bn from LOM revenues of US$6.6bn, Average LOM EBITDA of US$316 million per annum, Internal Rate of Return ("IRR") of 105% and short payback of 19 months.
• C1 cash operating costs of US$377/t of concentrate Free-On-Board ("FOB") Ghana Port, after by-product credits from conventional open cut mining operation; All in Sustaining Cost ("AISC") of US$610/t.
• Modest capital cost estimate of US$185 million....."

On July 3 Piedmont Lithium announced : "Piedmont Lithium partners release technical studies....."

Upcoming catalysts include:

• Late 2024 - Ghana Project (50% PLL) targeted to begin.
• 2026 - Tennessee Lithium hydroxide project targeted to begin.
• 2023-25 - Carolina Lithium (100%) - Permitting, off-take or project funding announcements.

You can view the company's latest presentation here , recent CEO interview here , or a Trend Investing article here .

Core Lithium Ltd. [ASX:CXO] [GR:7CX] ( CXOXF )

Core 100% owns the Finniss Lithium Project (Grants Resource) in Northern Territory Australia. Significantly they already have an off-take partner with China's Yahua (large market cap, large lithium producer), who has signed a supply deal with Tesla ( TSLA ). The Company states they have a "high potential for additional resources from 500km2 covering 100s of pegmatites." Fully funded and starting mining with a planned H1 2023 production start.

On July 11 Core Lithium Ltd. announced : "Second concentrate shipment ready for export." Highlights include:

• "....The shipment of approximately 13,100 tonnes will complete the sales agreements with Sichuan Yahua for 18,500 tonnes of spodumene concentrate."

On July 24 Core Lithium Ltd. announced : "Quarterly activities report for the three months ended 30 June 2023." Highlights include:

• "....Quarterly spodumene production of 14,685t (FY23: 18,274t) at a C1 unit cost of $902/t (FY23: $1,230/t).
• Spodumene concentrate between 5.35% and 5.6% (on specification). Lithia recoveries ~49% with work underway on improvement initiatives.
• Maiden 5,500t spodumene concentrate shipment in April and second 13,100t shipment in early July.
• $45-$50 million approved for BP33 underground mine early works.
• Revised BP33 feasibility study underway including incorporation of the increased resource.
• Total Finniss Mineral Resource increased 62% to 30.6Mt @1.31% Li2O.
• $25 million exploration program underway.
• Cash balance as at 30 June 2023 of $152.7 million and no debt.
• Andrea Hall appointed as Non-Executive Director and executive team complete following the appointments of Pierre Malan as EGM, Development and Exploration and Paul Benjamin as EGM, Commercial and Marketing (announced subsequent to the quarter).

"Core's guidance for FY24 is for spodumene sales of 90,000 to 100,000 tonnes and spodumene production of 80,000 to 90,000 tonnes (this is lower than study estimates due mainly to lower recoveries, mine plan adjustments and mining rates), at a C1 cost of $1,165 to $1,250 per tonne. With respect to the outlook for FY25, Core expects monthly mining and processing rates to be above FY24 levels whilst the Company continues mining in the Grants open pit. However, overall production in FY25 is expected to be below FY24 due to a currently anticipated three-month gap in ore supply from the mine and processing plant capacity constraints result in a ROM pad stockpile building at the conclusion of FY25......."

Investors can read a company presentation here , or the Trend Investing article when Core Lithium was back at A$0.055 here .

Catalysts include:

• 2023 - Ramp up of spodumene production from Finniss.

Sigma Lithium Resources [TSXV:SGML] ( SGMLF ) ( SGML )

Sigma is developing a world class lithium hard rock deposit with exceptional mineralogy at its Grota do Cirilo Project in Brazil.

No news for the month.

Upcoming catalysts:

• 2023 - Ramp up of spodumene production from Grota do Cirilo.

Investors can read the latest company presentation here or the Trend Investing article here back when Sigma was trading at C$5.00.

Argosy Minerals [ASX:AGY][GR:AM1] ( ARYMF )

Argosy has an interest in the Rincon Lithium Mine in Argentina, targeting a fast-track development strategy. Argosy initially plans to ramp to 2,000tpa lithium carbonate starting mid-2023.

On July 3 Argosy Minerals announced : "Company update - key developments." Highlights include:

• "2,000tpa operation commissioning works have advanced to 24-hour trial continuous operations status, and currently produced ~20 tonnes of battery quality lithium carbonate product, with product quality of av99.79%.
• Key Company milestones - strategic partner process and EIA regulatory approval for 10ktpa expansion operation progressing positively.
• Argosy becoming only the 2nd ASX-listed battery quality lithium carbonate producer."

Upcoming catalysts:

• 2023 - Rincon Lithium full ramp-up toward steady-state production targeted, 2,000tpa operation.

Investors can view the company's latest investor presentation here , and the latest Trend Investing Argosy Minerals article here .

For further details see:

Lithium Miners News For The Month Of July 2023