Infinity Lithium Corporation Ltd (ASX:INF) is set to become a key player in Spain's transition to electric mobility with its San José Lithium Project, recognised as the most advanced battery-grade lithium initiative in Europe.
The San José project is proving to be a 'cornerstone' in creating a self-sufficient European lithium-ion battery value chain with the company moving towards developing Europe’s second-largest hard rock lithium deposit, alongside the highest environmental credentials known for hard rock lithium mining and processing.
What’s more, the fully integrated project will utilise hard rock lithium as the feedstock for a lithium chemical conversion plant, providing a strategically essential European mine-to-end product lithium chemical operation.
A$31 million boost
In November, Infinity secured a €18.8 million (A$31 million) funding boost via its subsidiary Tecnología Extremeña del Litio (TEL) to advance the San José Lithium Project.
The Spanish Government’s Ministry of Industry, Trade and Tourism awarded the funds under PERTE VEC II which provides aid for industrial projects for the production of electric vehicles, including their essential components and essential raw materials
$INF Infinity Lithium soars on gaining strong endorsement of San José Lithium Project with €18.8 million government grant https://t.co/uQ1xZcUaVS @InfinityLithium #INF #ASX #ASXNews
— Proactive Australia (@proactive_au) November 13, 2023
90% lithium recoveries
INF’s test works have confirmed 90% lithium recoveries from ROM-to-Product and the production of battery-grade lithium hydroxide at San Jose.
The company’s wholly-owned subsidiary Infinity GreenTech Pty Ltd has finalised the first stage of locked cycle test work using the application of its patent-protected Li-Stream RPK™ process.
The test work evaluated alternative recoveries and the production of battery-grade lithium hydroxide.
Green Energy hub
Extremadura New Energies, a subsidiary of Infinity Lithium, has joined forces with a major Spanish industrial consortium to establish a green energy hub in Cáceres, Spain.
The INF arm is teaming up with Enalter — a joint venture between the subsidiaries of a leading Extremadura company Alter Enersun and Spanish energy company Enagas — to form a Spanish renewable energy entity.
The Extremadura Energy H2 Hub will establish a secure source of localised and cost-effective green electricity and hydrogen — good news for Infinity’s San José Lithium Project, where a large-scale lithium chemical conversion plant and extraction technology will harness the long-term, low-cost green energy.
$INF Infinity Lithium subsidiary to jointly develop long-term, low-cost green energy hub https://t.co/rdGiLGNVol @InfinityLithium #INF #ASX #ASXNews
— Proactive Australia (@proactive_au) July 31, 2023
Snaps up land for plant
In order to establish a lithium chemical conversion plant, Extremadura acquired the land rights and access necessary for the industrial development near the San José Project.
The land rights were secured through a multi-year option agreement and a minimum 35-year lease, with a total acquisition cost of €2.1 million (around A$3.4 million).
Extremadura New Energies obtained these rights from the largest landowner in the specified project area, encompassing around 36 hectares of industrial-zoned land.
The parcel constitutes more than one-third of the proposed development site and is strategically situated adjacent to a sealed road and key infrastructure.
Permitting milestone
In March, the company was granted a key exploration permit over the San José Lithium Project, which the company describes as a “major milestone”.
“The award of this key permit validates Infinity’s administrative rights to advance San José and provides the momentum to accelerate towards the next stages of the project in concert with the Extremadura Lithium Decree Law,” said managing director Ryan Parkin.