Australian mining company Argosy Minerals has signed a spot sales contract with Hong Kong CB Supply Chain for the sale of 60 tonnes (t) of battery quality lithium carbonate produced from its Rincon lithium project in Salta Province, Argentina.
The contract specifies a fixed price referenced from the Shanghai Metals Market (SMM) battery grade lithium carbonate price, with free on board (FOB) delivery terms at Buenos Aires port.
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Payment terms require a 30% deposit with the remaining 70%, due prior to ship loading. Argosy will handle the cargo preparation and packaging for delivery.
Argosy Minerals stated that there are no material conditions to be satisfied before proceeding with the spot sales contract, indicating a smooth transaction process.
Argosy managing director Jerko Zuvela stated: “We were pleased to receive such strong interest for the sale of our battery quality lithium carbonate product. With our positive project fundamentals, we will be strong beneficiaries of the EV/lithium sector resurgence noting the significant development milestones achieved to date at our Rincon lithium project.
“We are delighted to be part of an exclusive group of battery quality lithium carbonate product exporters, given the challenges encountered by many of our peers attempting to achieve this feat.”
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By GlobalDataArgosy Minerals, with a 77% interest in the Rincon lithium project, is poised to capitalise on its strategic location in the Lithium Triangle, known for the world’s largest lithium resources.
The company received environmental impact assessment approval for the project in April 2024, allowing it to expand lithium carbonate production to 12,000t per annum.
Argosy Minerals also received a $5m investment from lithium-ion battery manufacturer Amperex Technology in May 2024 to fully develop the Rincon lithium project.
