Argosy Minerals (ASX:AGY) announced today the company has met the requirements of the Mina Tincal Mining Title, giving the miner rights to acquire the Rincon lithium project which was announced on 14 November 2017.
Argosy has agreed to pay a final payment of US$400,000 to the vendor Colorado SA by 27 November 2017.
Mina Tincal comprises 196 hectares within the Rincon area located in the Lithium Triangle in Argentina, and an additional 31 hectare site nearby, where the company will construct and operate the Stage 2 pilot plant for the lithium project.
The company said the next stages will involve obtaining any necessary approvals and permits for future expansion works at the project.
Argosy Managing Director Jerko Zuvela said the acquisition confirms the company’s ambition to increase scale and further develop their strategy to fast-track towards production of lithium carbonate.
Shares in Argosy Minerals (ASX:AGY) are trading 2.33 per cent higher to $0.22.