AUS
NZ
UK
CA
USA
IND
The minerals exploration company, Infinity Lithium Corporation Limited (ASX:INF) notified the market on 19 March 2019, about concluding a renegotiation of the San Jose Lithium Project, in the Joint Venture (JV) agreement with local partner Valoriza Mineria. Consequently, there was the procurement of another 25% in the JV organization known as Tecnolgia Extremena Del Lito S.L.
As per INF, lithium sector has been witnessing an upsurge in the demand of lithium hydroxide, followed by the demands of the rising lithium-ion battery (LIB) industry. The completely integrated San Jose Lithium Project lies in Extremadura, West Spain. The Project retains the rising strategic importance in the backdrop of burgeoning LIB investment in the European Union and the United Kingdom.
Mr Ryan Parkin, CEO, INF stated that the company was happy to announce the development of project ownership reaching 75% since it was entering the phase of rising engagement of potential partners.
On 14 June 2016, the company had notified the market about the JV agreement with Valoriza Mineria, wherein INF was elected to earn-in to a total of 75% stake via complete delivery of a feasibility study on the production of lithium carbonate. The budget of 2.5 million pounds was agreed for the two years duration of concluding the Stage1 of the agreement.
Some of the main commercial terms of the agreement are as follows: There would be a transfer of 25% interest with payment of 250,000 pounds to be rewarded when the revised JV is executed. The payment of 750,000 pounds is to be transferred by 13 May 2020. This totals the payment amount to be of 1,000,000 pounds. INF still holds the right to drop the staged payments, revert to 50% project stake, and earn-in to 75% via the delivery of a feasibility study that would be needed in one year and six months of INFâs election and notice is given to Valoriza Mineria to drop the payments to be paid in stages. Valoriza Mineria would remain as the preferred contractor, concentrating on the Project development work.
On 1 February 2019, the company had updated the market that it had attended European conferences and 9th international AABC.
In its recently released half-year results for the period ended 31 December 2018, INF recorded the consolidated loss of the Consolidated Entity after providing for income tax at $1,543,235 compared to (2017: $5,289,306). The Cash and cash equivalents of the company at the end of the reporting period stood at $2,547,523.
Throughout the half-year period, INF progresses its San Jose Lithium JV. It also updated the market about the Lithium Hydroxide Scoping Study in August 2018, which was delivered in November last year. In October last year, INF announced that it had been successfully listed on the Frankfurt and Stuttgart Stock Exchanges. In November last year, the company released a JORC Resource at the wholly-owned Banio potash project in Gabon.
The stock of the company is trading flat at A$0.086 on 20 March 2019 (2:10 PM AEST). The company has a market capitalization of A$16.35 million, with circa 190.17 million shares outstanding.
Disclaimer
This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.
