One of the best performers on the market today has been the Argosy Minerals Limited (ASX: AGY) share price.
Although it has given back some of its early gains, in afternoon trade the lithium-focused mineral exploration company's shares are up 4.5% to 34.5 cents. In earlier trade they were as much as 7.5% higher at 35.5 cents.
Why are they pushing higher?
This morning the company announced that it has received formal regulatory approval to construct the remaining Stage 2 lithium evaporation ponds at its Rincon Lithium Project in Argentina.
According to the release, the approval allows Argosy Minerals to continue fast-tracking its Stage 2 development works program and pond construction works comprising an additional eight evaporation ponds. These will complement the nine ponds already in operation.
In order to extract lithium from brines, producers must first pump the salt-rich waters to the surface into a series of evaporation ponds where solar evaporation occurs over a number of months.
Once construction is complete, Argosy Minerals will have a combined total of around 34 hectares of completed Stage 2 lithium brine evaporation ponds to operate with, potentially allowing for sizeable production.
Elsewhere, fellow lithium hopefuls Altura Mining Ltd (ASX: AJM) and Pilbara Minerals Ltd (ASX: PLS) are climbing notably higher today as investor sentiment in the industry improves.
