Insights

Argosy (ASX:AGY) share price plummets 7% despite positive update

The Argosy (ASX: AGY) share price is plummeting today despite a positive update. We take a look at the details.
The post Argosy (ASX:AGY) share price plummets 7% despite positive update appeared first on The Motley Fool Australia. –

A businessman holds his glasses in concern, indicating uncertainly in the ASX share price

The Argosy Minerals Limited (ASX: AGY) share price has plummeted in early afternoon trade. This comes despite a positive company announcement to the ASX market this morning.

At the time of writing, the Argosy share price is trading down 7.89% at an intraday low of 17.5 cents.

Argosy Minerals is a mining and exploration company with a 77.5% interest in the Rincon Lithium Project in Salta Province, Argentina. The company also operates the Tonopah Lithium Project in Nevada, USA.

What did Argosy announce?

In today’s release, Argosy revealed that Salta Province’s government plans to develop a mining logistics node to support mining and energy activities in the Puma region. The node will be located next to Argosy’s Rincon project.

Argosy said the facility would act as a self-sustaining industrial service site to benefit mining workers who operate close by. Infrastructure will include an airport, industrial area, transfer facility, accommodation, service station, commercial premises, and health centre.

The government granted 403ha of land to provincial state company Remsa, to help develop the site. Argosy also noted that the planned location adjoins South America’s second-largest photovoltaic plant facility.

What did the managing director say?

Argosy managing director Jerko Zuvela welcomed the news, saying:

The planned facility will provide substantial benefits as we continue development of our Rincon Lithium Project, in addition to significant potential cost savings given the planned site location and services being provided.

Argosy will continue to cooperate with the Salta Province government to assist with this development and maintain our strong relationship with the local community.

Argosy share price snapshot

The Argosy share price has performed well in the past 3 months, surging 260% and reaching a 52-week high of 21.5 cents in January.

Based on the current share price, Argosy commands a market capitalisation of $178.4 million.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of June 30th

More reading

Motley Fool contributor Aaron Teboneras 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.

The post Argosy (ASX:AGY) share price plummets 7% despite positive update appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!