The sale agreement will remove costs associated with the discounted operations and holding costs of the potash assets.
Infinity will streamline its activities and focus on the Spain-based Sane José Lithium Project and believes that the divestment of the potash asset can provide greater clarity for potential strategic investment aligned to the development of the European lithium-ion battery supply chain.
Potash project location plan
Managing director Ryan Parkin said: “Infinity will be entirely focused on the progression of San José and the sale of the potash project completes our strategic divestment of non-core assets.
“We believe that the company remains well placed to attract European support through strategic investment with our interests aligned to European ambitions to develop an integrated lithium-ion battery supply chain.
“Lithium hydroxide remains an essential component required to support the EU’s burgeoning electric vehicle market, and the EU is focusing on the localisation of lithium supply to limit exposure to Chinese convertors.”
The company acquired the potash assets in Gabon prior to becoming involved in the San José Lithium Project in Spain and owns 100% of the Banio Project as well as the application for the Mamana Potash Project.