Extremadura New Energies, a subsidiary of Infinity Lithium Corporation Ltd (ASX:INF), has acquired the land rights and access necessary for the industrial development of the San José Lithium Project in Spain.
Significant step forward
This acquisition marks a significant step forward in the company's efforts to establish a lithium chemical conversion plant in the designated area.
The land rights were secured through a multi-year option agreement and a minimum 35-year lease, with a total acquisition cost of €2.1 million (around A$3.4 million).
Extremadura New Energies obtained these rights from the largest landowner in the specified project area, encompassing around 36 hectares of industrial-zoned land.
The parcel constitutes more than one-third of the proposed development site and is strategically situated adjacent to a sealed road and key infrastructure.
Following the granting of the Exploration Permit Extremadura S.E. (PESE), which includes the San José lithium deposit, Infinity Lithium has ramped up its activities across various project-related aspects.
These include advancing documentation, conducting updated economic studies, engaging with stakeholders and facilitating land access, all in compliance with the requirements for an Exploitation Concession Application.
Grant funding in reach
The company hopes its proactive approach will maximise the potential of the San José project and foster collaboration with local stakeholders.
The recent acquisition of land rights further enhances Infinity's prospects, as it positions the company to apply for grant funding under the forthcoming PERTE II process. This initiative focuses on critical raw materials and offers the potential to secure funds of up to €25 million.
By securing the essential land package, Infinity Lithium strengthens its eligibility for these funds and underscores its commitment to the sustainable development of the San José Lithium Project.
"The finalisation of the land agreement is another major milestone for San José and the ongoing momentum continues in collaboration with major local stakeholders,” said Extremadura CEO Ramón Jiménez.
“We are pleased to have finalised the agreement to secure rights to an essential land package for the project and provide visibility and precedent as we advance to the next stages of development.”
The acquisition of land rights for the San José Lithium Project marks a significant step towards establishing a robust industrial infrastructure in the region.
With the foundation now in place, Infinity Lithium Corporation, through its subsidiary, Extremadura New Energies, is poised to continue advancing the San José Project and solidify its position as a key player in the global lithium market.