Infinity Lithium (ASX:INF) shares zoom over 15% today, here’s why

2 min read | September 02, 2022 12:13 PM AEST | By Bhawna Gupta

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Infinity Lithium (ASX:INF) shares zoom over 15% today, here’s why — Image source: © Scanrail | Megapixl.com

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Highlights

Infinity Lithium has informed that the Regional Government of Extremadura has passed a decree-law requiring lithium mineral resource developments in Extremadura.

The San José Lithium Project is a lithium mineral extraction and processing project.

Infinity shares were spotted trading at AU$0.19 each, up 15.15% on ASX today at 11.44 AM AEST.

Infinity Lithium Corporation Limited (ASX:INF) announced today (September 2) that the Regional Government of Extremadura has passed a decree-law requiring lithium mineral resource developments in Extremadura to include downstream lithium mineral processing.

The San José Lithium Project is a lithium mineral extraction and processing project that keeps into account the decree-law articles.

According to the Regional Minister for Ecological Transition and Sustainability, the exploitation of lithium mis of general interest throughout the region. The minister added that steps must be taken to align the benefits of extracting mineral resources to metallurgical and mineral processing in the region.

Meanwhile, shares of Infinity were, spotted trading at AU$0.19 each, up 15.15% on ASX today at 11.44 AM AEST. This outperforms ASX 200 Materials index, which was 1.71% down at 15,146.30 points today at 11.45 AM AEST.

Data Source- Company announcement dated 02 September 2022

The statement by the Regional Government of Extremadura followed the approval of the Road Map for the Sustainable Management of Mineral Raw Materials by the Spanish National Government. The Road Map strengthens the country's march toward strategic autonomy in the consumption of vital raw materials such as lithium while also supporting the strategic and sustainable raw material extraction industry.

The metallurgical processing and beneficiation of lithium mineral resources includes the processes required to create lithium hydroxide or another usable lithium compound for the primary purpose of manufacturing lithium-ion batteries.

The decree has reinforced lithium as a regionally important product and incorporated lithium activities as regionally important business projects ('PREMIA'), effectively prioritising permitting, recognition as public utility projects, and access to employment funds.

Things to know about Infinity

ASX-listed Infinity Lithium is a metal and mining firm which aims to develop its 75%-owned San José Lithium Project in Spain. The proposed fully integrated industrial Project will produce battery-grade lithium compounds.

The company has filed a contentious-administrative appeal in response to the cancellation of Investigation Permit Valdeflorez ('PIV'). It firmly opposes the decision to abolish PIV and reserves all legal rights against the Extremadura administration.

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