Infinity Lithium (ASX:INF) reports it has agreed to an extension of the Memorandum of Understanding (MoU) with LG Energy Solution relating to a future offtake agreement for battery-grade lithium hydroxide from the San José Lithium Project in Spain.
The company says any formal agreement is likely to be subject to standard conditions precedent for an offtake agreement, including Infinity entering commercial production and producing a product that meets the specification requirements of LG Energy Solutions.
It also states LG Energy Solution has the potential to benefit through sourcing battery-grade lithium hydroxide from San José for European-based lithium-ion battery production. The extensions for the MoU will mature on 22 December 2023.
LG Energy Solutions has the potential to benefit through sourcing battery-grade lithium hydroxide from San José for European-based lithium-ion battery production
Infinity Lithium is an Australian listed minerals company seeking to develop its 75% owned San José Lithium Project located in the Extremadura region of Spain. The proposed fully integrated industrial project is focused on the production of battery-grade lithium chemicals from a mica feedstock that represents Europe’s ‘second-largest’ JORC compliant hard rock lithium deposit.
The company says the project will provide an ‘essential’ component in Europe’s development of a vertically-integrated lithium-ion battery supply chain to aid the continent’s transition to electric vehicles (EV) and electric mobility.
Images: Infinity Lithium Corporation Ltd
