Infinity builds local support for Spanish lithium project

Infinity Lithium Corporation continues to gather local support for its proposed San José lithium project near the city of Cáceres in the Extremadura region of Spain, partnering with the Cáceres Chamber of Commerce to form a local energy sector accelerator program.

Joint funded with the chamber through Infinity’s wholly owned Spanish subsidiary Extremadura New Energies, the agreement will help innovative and sustainable early-stage businesses in the lithium, energy storage and renewable energy sectors.

Infinity says the agreement complements other collaborations with major local and regional stakeholders that includes lithium-ion battery supply chain-focused training and educational programs.

The agreement comes after a presentation to Cáceres Chamber of Commerce members by Extremadura New Energies Chief Executive Officer, Ramón Jiménez’s in May.

Cáceres Chamber of Commerce is a public law corporation and a consultative and collaborative body.

Cáceres Chamber of Commerce President, Gabriel Álvarez Arroyo said: "The new industrial project for the lithium mine and treatment plant proposed by Extremadura New Energies in Valdeflores is very favourable for the industrial development of Cáceres and its province."

Infinity Lithium initially proposed an open-pit mine for the San José project,  however last year the company did a scoping study to evaluate an underground-only mining operation to minimise the effect on the environment and community stakeholders.

The company believes its study has shown the potential for an underground mine to generate increased quantities of battery-grade lithium chemicals whilst reducing the need for surface tailings and preventing any major visible effect from the mine.

The San José lithium project has one of Europe's largest JORC-compliant hard-rock lithium deposits with a 111 million-tonne resource going 0.61 per cent lithium oxide.

The project is a fully integrated industrial operation centred on the manufacturing of battery-grade lithium compounds from a mica feedstock.

The energy sector accelerator program will be run from Cáceres Chamber of Commerce. Jiménez says the objectives of the project is to generate an ideal ecosystem for economic growth, fight unemployment, generate opportunities and provide social benefits to the residents of Cáceres and Extremadura.

The joint program is part of Infinity’s commitment to work with local stakeholders in the region to progress its San José lithium project.

Last month Extremadura New Energies was invited to present its redesigned development proposal to the Extremadura Regional Government and the Cáceres City Council.

Infinity says the city council and the regional government have both endorsed the requirement for an environmentally sustainable project that will benefit the city and the region.

In March, the company signed a collaboration agreement with the Extremadura Electric Mobility Cluster and the local business association LOABRE to provide training for local members within the framework of renewable energies.

Infinity’s scoping study has estimated the net present value of the combined project at US$811.7 million.

The company says the project will spit out US$190m a year for 26 years in net cashflows from the annual production of 19,500 tonnes of battery-grade lithium hydroxide.

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au