The Argosy Minerals Ltd (ASX: AGY) share price is soaring today, up 6% in early afternoon trade, having earlier posted gains of more than 8%.
Below, we take a look at the latest announcement from the Perth-based lithium miner that looks to be driving investor interest.
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What update did Argosy provide?
Argosy Minerals' share price is leaping higher after the company reported additional progress with its clean lithium processing technology at its Rincon Lithium Project in Argentina.
The company is focused on producing environmentally friendly battery quality lithium carbonate via its proprietary chemical process technology.
It said that low energy use is one of the key factors which sets its process apart from competing lithium carbonate producers.
Argosy estimates energy use at approximately 1MW for 2,000 tonnes per annum (TPA) operation levels and around 5–6MW for 10,000tpa in its planned expansion phase of operation.
Energy will be provided by a nearby gas pipeline. Argosy is also looking into sourcing power from a solar power plant, which is currently under construction.
Water consumption is also lower than industry standards with its chemical process technology recycling some 90% of the brine fed through its process plant.
Argosy estimates the flow rate of raw water consumption at around 6–8m3/h for its 2,000tpa operation and at roughly 40m3/h for its 10,000tpa expansion operations.
Commenting on the progress, Argosy's managing director Jerko Zuvela said:
We have a successfully proven, proprietary and environmentally friendly clean lithium technology to produce battery quality lithium carbonate with low impurities, meeting ESG requirements with a low carbon footprint of low fresh water and energy usage, sustainably producing at a scale no other junior lithium company is currently able to achieve, and currently in construction phase for the 2,000tpa operation, with development plans for an additional 10,000tpa production expansion.
Argosy Minerals share price snapshot
Over the past 12 months, the Argosy Minerals share price has surged 145%, far outpacing the 25% gains posted by the All Ordinaries Index (ASX: XAO).
Year-to-date, Argosy Minerals' share price is up more than 65%.
