Join our daily newsletter At The Bell to receive exclusive market insights
- Spanish Government awards $31 million grant to Infinity Lithium (ASX:INF) for its San José lithium project
- The company completed an updated scoping study which showed improved project economics, processing recoveries, and energy efficiencies
- European Parliament approved the Critical Raw Materials Act, strengthening San José’s strategic importance
- Cash at December 31, 2023 of $9.6 million
- INF last traded at 8.8 cents
Infinity Lithium (ASX:INF) received €18.8 million (~A$31 million) in grant funding for its San José project in Spain during the December 2023 quarter, marking the largest such grant awarded to a lithium mining/processing asset in the European nation.
This funding underscores Spain’s commitment to developing its lithium-ion battery value chain, further validated by an updated scoping study completed in November.
The study demonstrated improved project economics, processing recoveries, and energy efficiencies.
In collaboration with the Regional Government of Extremadura, the company also secured a favourable urban compatibility ruling from the Cáceres Local Government, confirming alignment with local legislative requirements.
Additionally, the European Parliament’s approval of the Critical Raw Materials Act on December 12, 2023, was a positive development for both Infinity Lithium and the broader European lithium industry, aiming to increase the EU’s competitiveness by streamlining permitting and allocating capital to strategic projects.
Bolstered by these positive developments, Infinity Lithium has appointed Macquarie Capital as a corporate advisor to facilitate engagement with potential partners and investors moving forward.
With A$9.6 million in cash reserves as of December 31, 2023, Infinity Lithium is well-positioned to advance its San José lithium project in the new quarter.
INF last traded at 8.8 cents.
