Argosy signs lithium sale deal with Hong Kong firm, advancing Rincon project amid rising EV demand and strategic investment growth.
Argosy Minerals, a prominent Australian mining company, has successfully entered into a spot sales agreement with Hong Kong-based CB Supply Chain for the supply of 60 tonnes of high-purity, battery-grade lithium carbonate. The lithium carbonate, produced at Argosy’s Rincon Lithium Project located in Argentina's Salta Province, marks another step forward in the company’s strategic efforts to secure international partnerships in the Electric Vehicle (EV) supply chain.
Under the agreement, the pricing for the lithium carbonate will be fixed, benchmarked to the Shanghai Metals Market (SMM) battery-grade lithium carbonate pricing index. The terms of the deal follow a free-on-board (FOB) delivery structure, with Buenos Aires port designated as the shipment point. According to the payment terms, CB Supply Chain will pay a 30% deposit upfront, with the remaining 70% due prior to the shipment being loaded for delivery. Argosy will be responsible for preparing and packaging the cargo, ensuring it meets all necessary logistics and quality control standards.
Importantly, Argosy confirmed that the spot sales contract is not subject to any material conditions, signifying a streamlined and efficient transaction process. The lack of regulatory or operational hurdles is expected to facilitate timely fulfillment of the contract, allowing the company to demonstrate its reliability and operational capability in the lithium export market.
Jerko Zuvela, Managing Director of Argosy Minerals, expressed enthusiasm about the growing demand for their product. “We are encouraged by the strong interest shown in our battery-quality lithium carbonate,” he said. “With our robust project fundamentals and strategic positioning, we are well-placed to benefit from the ongoing resurgence of the electric vehicle and Lithium markets. The major milestones we have achieved at Rincon further reinforce our ability to deliver high-quality materials to the global market.”
Zuvela also emphasized the company’s unique standing in the lithium sector. “Becoming one of the few companies capable of exporting battery-quality lithium carbonate is a significant achievement, especially considering the technical and regulatory challenges faced by many others in this space,” he added.
Argosy Minerals holds a 77% ownership stake in the Rincon Lithium Project, strategically located in the Lithium Triangle—an area renowned for containing a substantial portion of the world’s lithium reserves. In April 2024, the company obtained environmental impact assessment approval, granting permission to expand production up to 12,000 tonnes per year. Further boosting its development efforts, Argosy received a $5 million strategic investment from Amperex Technology, a leading lithium-ion battery manufacturer, in May 2024.
With this recent sale and growing investor confidence, Argosy is advancing steadily toward becoming a major player in the global lithium supply chain.
