PERTH (miningweekly.com) – ASX-listed Argosy Minerals has signed a non-binding heads of agreement (HoA) with Mitsubishi Corporation for a possible 2 000 t/y lithium carbonate offtake contract from the Rincon project, in Argentina.
The offtake agreement is expected to run over an initial three-year term, and would contain a further two-year extension option. The purchase price for the lithium carbonate will be market price, subject to agreement prior to the first delivery.
Argosy MD Jerko Zuvela on Friday said that Argosy was delighted to continue building is relationship with Mitsubishi, as the HoA further reinforced the long-standing relationship between the two companies, on the back of the current product sales agreement for the industrial-scale pilot plant production operations.
Argosy is working towards a 2 000 t/y modular operation as the next step in the scale-up of operations, with the company saying on Friday that it was prioritizing efforts to secure the capital funding for the production plant.