Insights

Argosy Minerals (ASX:AGY) share price climbs following Rincon update

The company has updated the market about its Rincon lithium project in Argentina. We have the details
The post Argosy Minerals (ASX:AGY) share price climbs following Rincon update appeared first on The Motley Fool Australia. –

The Argosy Minerals Limited (ASX: AGY) share price rose wildly in the first 30 minutes of market trade today. The lithium miner’s shares jumped to an intraday high of 13 cents — a gain of 8% — before falling back to 12 cents.

At the time of writing, Argosy shares are changing hands for 12.5 cents — up 4% on yesterday’s closing price. In comparison, the All Ordinaries Index (ASX: XAO) is up 0.18% to 7,672 points.

What’s up with the Argosy Minerals share price?

It is proving a rollercoaster day for Argosy shares. This comes after the company released an update about its Rincon lithium project, located in Salta Province, Argentina.

According to the release, Argosy has submitted an environmental impact assessment (EIA) for its expansion operation at Rincon.

The company is seeking to expand lithium carbonate production at the plant by 10,000 tonnes per annum (tpa). This will add to the 2,000tpa operation currently under construction.

The department of the Salta Province Secretary of Mining and Energy is responsible for assessing the report. This is the final hurdle Argosy needs to clear before beginning construction of the additional lithium carbonate production operation.

The company is targeting final approval of the EIA report in late 2021.

Argosy managing director Jerko Zuvela commented:

With lithium market sentiment and lithium carbonate prices continuing their strong upward momentum, and continued progress toward the fully funded 2,000tpa scale production operation, we are excited as Argosy transforms into a battery quality lithium carbonate producer and cashflow generator.

With further progress toward the 10,000tpa enlarged commercial scale development, this enhances Argosy’s strategic value to all end-user customers across the battery and EV industry supply chain.

The company’s Puna Mining operations management team met with Flavia Royon – the recently appointed Salta Province Secretary of Mining and Energy. The team’s purpose was to ensure the EIA approval process progresses. Royon also toured the company’s industrial scale pilot plant operation.

The Argosy Minerals share price has surged over the past year by more than 120%, and by 50% year to date.

The post Argosy Minerals (ASX:AGY) share price climbs following Rincon update appeared first on The Motley Fool Australia.

Should you invest $1,000 in Argosy Minerals right now?

Before you consider Argosy Minerals, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Argosy Minerals wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of May 24th 2021

More reading

Here’s why the Argosy (ASX:AGY) share price is surging 9% today
Argosy (ASX:AGY) share price falls 9% despite positive update

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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.

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!