Infinity Lithium Corporation Limited (ASX:INF) Updates Mining Licence Application
Mining Licence Application Update
Infinity Lithium Corporation Limited, through its subsidiary Extremadura New Energies, has received feedback from the Regional Government of Extremadura regarding its Mining Licence Application. This submission, lodged on 13 June 2024, requires further clarification before public consultation. The consultation is now expected to take place in late 2025, extended from the previously anticipated Q4 2024.
The Mines Department has requested updates reflecting changes in financial assumptions, lithium pricing, and board composition. It has also mandated that metallurgical tests be repeated, using certified Spanish laboratories, which the company is currently addressing. Infinity is in discussions with authorities to navigate these requests and facilitate compliance.
Funding Opportunities
Infinity will withdraw from the PERTE grant programme due to diminishing timelines and conditions for capital equipment purchases. Instead, the company is seeking to participate in new funding opportunities that align with its project development goals, having already received invitations to apply for multiple European and national grants.
These include the €1 billion Batteries call of the 2024 Innovation Fund and a €750 million aid line for renewable energy and storage initiatives, as well as the European Commission’s Innovation Fund for Zero Emission Technologies.
Future Outlook
Infinity remains optimistic about the strong demand for lithium in Europe amidst the energy transition. The company believes its San José project can significantly contribute to this trend. Infinity has initiated some required tasks and plans to update the market on progress while proactively seeking additional funding opportunities.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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