Australian lithium miner AGY signs lithium carbonate supply agreement with Mitsubishi

SMM8 29-Argosy, an Australian lithium miner, recently confirmed that it had signed a preliminary agreement with a subsidiary of Japan's Mitsubishi Group (Mitsubishi Corp.) to supply lithium carbonate for a period of three years and could be extended for another two years.

Under the agreement, Argosy will supply Mitsubishi with 2000 tons of lithium carbonate each year, which will come from Argosy's Rincon project in Argentina. As commercial terms are finalised, the two companies will continue negotiations to reach a detailed final supply contract.

Jerko Zuvela, general manager of Argosy, said he was considering a long-term lithium carbonate partnership with Mitsubishi, which is another strong recognition of the Rincon lithium project and our commercial LCE production strategy. The company will give priority to the development of financing options for the Rincon lithium project with an annual production capacity of 2000 tons of lithium carbonate.

Mining's lithium products come from the Rincon lithium project in Argentina, where the company currently holds 77.5 per cent (up to 90 per cent). The company is currently actively negotiating with many parties to find funds for the construction of the plant. The company hopes that the reimbursement framework agreement with Mitsubishi will continue to increase business relations between the two sides

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