(Reuters) -Argosy Minerals has signed a spot sales contract with China’s Chengdu Chemphys Industry for 16.1 tonnes of lithium carbonate produced from its Rincon project in Argentina, the Australian miner said on Thursday.
The Perth-based miner said the contract price was pegged to the Shanghai metals market’s lithium carbonate prices, with payment through an irrevocable letter of credit at sight upon receipt of original shipping documents.
Argosy, which holds a 77.5% stake in the Rincon Lithium Project in Argentina’s Salta Province, is working through export logistics, with shipment expected to begin once freight and export protocols are completed.
Prices for lithium raw material spodumene climbed to $1,075 a tonne this week, the highest since June 2024, having recovered by almost half from June’s four year lows, but still well below late 2022 peaks above $6,000.
As of 0216 GMT, Argosy shares jumped 11.1% on the Australian stock exchange to their highest since mid-July 2024.
(Reporting by Kumar Tanishk in Bengaluru and Melanie Burton in Melbourne; Editing by Eileen Soreng)
