Wedoany.com Report-Nov. 20, Argosy Minerals announced on Thursday that it has entered into a spot sales agreement with Chengdu Chemphys Chemical Industry Co., Ltd. in China for the supply of 16.1 tonnes of battery-grade lithium carbonate produced at its Rincon Lithium Project in Argentina.

The Australian company, headquartered in Perth, stated that the contract price is linked to prevailing lithium carbonate spot prices on the Shanghai Metals Market. Payment will be made via an irrevocable letter of credit at sight upon presentation of the original shipping documents.

Argosy holds a 77.5% interest in the Rincon project, located in Salta Province, Argentina. The company is currently finalizing export procedures and logistics arrangements, with shipment scheduled to commence once all freight and regulatory requirements are completed.

In related market developments, the benchmark price for lithium raw material spodumene concentrate rose to US$1,075 per tonne this week, marking the highest level since June 2024. The price has recovered nearly 50% from the four-year lows recorded in June but remains significantly below the peak levels above $6,000 per tonne seen in late 2022.

Following the announcement, Argosy Minerals shares on the Australian Securities Exchange increased by 11.1% as of 02:16 GMT, reaching their highest level since mid-July 2024.

The transaction represents the latest commercial shipment from the Rincon project as Argosy continues to advance its lithium production and supply activities in support of growing global demand for battery materials.