Battery maker ATL invests in Argosy Minerals
ASX-listed Argosy Minerals on Thursday announced a $5-million strategic investment from lithium-ion battery maker Amperex Technology (ATL) and the appointment of James Shay as COO.
In terms of a subscription agreement, Argosy will place new fully paid ordinary shares in the company to ATL at $0.14631 a share, which is a 15% premium to the ten-day volume-weighted average price.
Argosy sees the relationship with ATL as an opportunity to leverage the lithium-ion battery producer and innovator’s technical capabilities in the development of its Rincon lithium project, in Argentina.
“We have already established a strong and mutual relationship, and ATL’s investment is an endorsement of our development progress and the battery-quality lithium carbonate product achieved at our Rincon lithium project,” said MD Jerko Zuvela.
The subscription agreement includes that both companies engage in good faith to negotiate a potential offtake sales agreement for lithium carbonate product from the Rincon 2 000 t/y facility.
In parallel and complementary to the ATL strategic investment, Argosy will continue the strategic partner process to secure funding for the 10 000 t/y expansion operation through prepayment investment associated with long-term offtake arrangements from a tier-1 counterparty in the electric vehicle or battery supply chain.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation