A new neighbour has brought good news for the company’s Rincon Project.
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The Argosy Minerals Limited (ASX: AGY) share price is in the green following news the company’s Rincon Lithium Project is set to have direct access to a renewable energy farm.
The lithium miner’s Argentinian project will soon have a next-door neighbour – a 208 megawatts peak solar power farm.
At the time of writing, the Argosy share price is 17.5 cents, 2.94% higher than its previous close.
Let’s take a closer look at today’s news from Argosy Minerals.
Rincon could be powered by sun
The Argosy share price is up this morning after the company announced its Rincon Lithium Project might have direct access to a large-scale renewable power farm.
According to the company, the Rincon Project’s new neighbour, the Altiplano 200 solar power facility, might be able to help it to lower the costs and carbon emissions of its planned expansion.
The solar farm will be ready to begin producing renewable energy by late-2021.
Earlier this month, Argosy announced development works for Rincon are running on schedule for completion by the first quarter of 2022. Unfortunately, the Argosy share price didn’t respond to the recent update.
The company plans to begin cash flows from the project’s 2,000 tonnes per annum production phase. Then, it hopes to extend the project’s capabilities to 10,000 tonnes per annum.
Argosy expects the expansion will produce battery quality lithium carbonate using roughly 5 megawatts to 6 megawatts of energy.
Argosy has confirmed it’s able to source the project’s electricity needs directly from the solar farm.
It has also been in discussions with the solar farm’s owner and France’s leading independent renewable energy producer Neoen.
Neoen has agreed that connecting the Rincon Project’s 10,000 tonnes per annum extension to its solar farm’s output is in both companies’ best interests.
Argosy share price snapshot
2021 has been a good year so far for the Argosy share price.
It has gained 118% year to date. It is also trading for 236% more than it was this time last year.
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Motley Fool contributor Brooke Cooper 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.