Infinity Lithium's San José Project ideally positioned to cornerstone Spain's transition to electric mobility
- Infinity Lithium confirms favourable revision of San José Lithium Project JV agreement
- Infinity Lithium soars on welcoming Spanish Government's €4.33 billion plan to integrate national EV value chain
- Infinity Lithium welcomes offtake MoU with LG Energy Solution
Quick facts: Infinity Lithium Corporation Ltd
Price: 0.115 AUD
Market Cap: $46.34 m
About the company
Infinity Lithium Corporation Ltd (ASX:INF) is developing its 75% owned San José Lithium Project in Spain.
The San Jose deposit is a highly advanced, previously mined brownfield development opportunity representing the European Union’s second-largest lithium deposit.
The project would provide an essential component in the EU’s development of a vertically integrated lithium-ion battery supply chain.
How it is doing
Infinity Lithium Corporation Ltd (ASX:INF) (FRA:3PM) has finalised a favourable revision relating to the JV agreement between the company’s wholly owned subsidiary, Extremadura Mining S.L and joint venture (JV) partner Valoriza Minera S.A.
Extremdaura Mining will maintain a 75% project ownership interest in the JV entity TEL, the project vehicle that contains the rights to the San José Lithium Project in Spain
The revised agreement provides for the deferral of current payment obligations by Extremadura Mining to Valoriza Mineria and provisions to accelerate the acquisition of the balance of shares in TEL aligned to the resolution of research permit Investigation Permit Valdeflórez (PIV).
Infinity Lithium Corporation Ltd (ASX:INF) (FRA:3PM) has welcomed the continuing commitment by the European Commission (EC) to develop self-sufficient lithium supplies to service Europe's burgeoning electric vehicle transition.
The company met with the EC vice-president Maroš Šefčovič and presented the San José Lithium Project in Spain during the European Battery Alliance (EBA) Day in Madrid.
Insight: Infinity Lithium soars on welcoming Spanish Government's €4.33 billion plan...
Infinity Lithium Corporation Ltd (ASX:INF) (FRA:3PM) has welcomed a €4.33 billion commitment in funding by the Spanish Government aimed at turning the country into a European electromobility hub, under the national strategic projects’ mechanism ‘PERTE’.
This announcement by Prime Minister Pedro Sánchez to kick start the production of electric vehicles and lithium-ion batteries will be achieved through an initiative funded predominantly by EU Next Generation recovery and resilience funding.
What management says
Infinity Lithium Corporation Ltd's (ASX:INF) (FRA:3PM) Ryan Parkin speaks to Proactive following the news it's inked a key non-binding MoU relating to a potential offtake agreement with major South Korean lithium-ion battery producer LG Energy Solution (LGES). The deal stipulates Infinity Lithium will supply lithium hydroxide from the San José minerals project to LG over an initial five-year period. It also leaves room for the partnership to continue for a further five years, subject to both parties’ consent.
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