Argosy Minerals Ltd (ASX:AGY) has executed purchase agreements for mining titles that make up the 2,572-hectare Rincon Lithium Project in Argentina.
The tenements, namely the Salonix properties, Mina Reina and Mina Tincal, were secured through exclusive option rights.
They will complement the existing mining titles and mining easement rights, warehouse, plant and equipment that is all currently owned 100% by Puna Mining S.A.
Argosy has a 77.5% interest in Puna Mining.
READ: Argosy Minerals expects first battery-grade lithium carbonate from pilot plant by end of May
Argosy’s managing director Jerko Zuvela said: “The outright purchase of these Rincon mining properties demonstrates Argosy’s intent, ambition, strategy and its absolute confidence to fully develop the Rincon Lithium Project and continue our strategy toward commercial production.
“We are committed to building a sustainable lithium production company.”
Argosy will now pay the final outstanding purchase amount of ~US$2.64 million to the tenement vendors as a final payment.
READ: Argosy Minerals fast tracks Rincon Lithium Project to take advantage of lithium carbonate pricing
Argosy expects to produce its first battery-grade lithium carbonate by the end of May from an industrial-scale pilot plant at the Rincon Lithium Project in Argentina.
Stage I processing test work is continuing following the commissioning of the plant near the project in the Lithium Triangle in Salta province.
This intricate work involves a number of complex chemical reaction stages within the plant that require tweaking at each stage to ensure the chemical pathway is accurate.