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Why the Infinity Lithium (ASX:INF) share price is rocketed 38% higher

The Infinity Lithium Corp Ltd (ASX: INF) share price is rocketing 44% higher today following a major positive announcement. Here’s the details.
The post Why the Infinity Lithium (ASX:INF) share price is rocketed 38% higher appeared first on The Motley Fool Australia. –

The Infinity Lithium Corp Ltd (ASX: INF) share price was one of the best performers on the ASX today.

This follows a number of highlights that the lithium explorer provided in a market release this morning.

At the end of market trade, Infinity Lithium shares finished the day at 9.3 cents apiece, up 38.8%.

What’s driving the Infinity Lithium share price higher?

Investors fought to get hold of Infinity Lithium shares after the company announced a series of meetings between key figures.

According to its release, Infinity Lithium advised that its managing director and CEO Ryan Parkin met with Vice-President of the European Commission, Maros Sefcovic last Wednesday. The two discussed the current status of the San José Lithium Project and reinforced the timely completion in line with the strategic objectives of the European Battery Alliance (EBA). Mr Sefcovic underlined the importance of lithium’s raw materials in helping the European automotive industry transition to electric vehicles. In the first quarter of 2021 alone, electric vehicles represented 15% of all automotive sales.

San José is a high-grade lithium project being developed in the Extremadura region of Spain. Focused on the production of battery grade lithium chemicals, it represents the second largest hard rock lithium deposit in Europe. Infinity Lithium currently holds a 75% interest in the project.

Mr Sefcovic touched on the Spanish consortium that comprise of the five industrial projects of the entire battery value chain, saying:

There are the critical raw materials, there is the anecdotal evidence of how far we have moved I would highlight the piece of information that just two years ago we dd not have lithium on the list of critical raw materials for Europe. Now we know that by 2030 we will need 18 times more, by 2050 we will need 60 times more, and when I talk to the industry, they still tell me this is a very conservative estimate. On top of this we still do not have one single refinery for lithium in Europe.

I am so pleased that from the start we have been working on making sure that we are covering the whole value chain.

What else happened?

The following day on 20 May, Mr Sefcovic and the President of Spain, Mr Pedro Sánchez unveiled the first step of the Espana 2050 project. Aimed to serve as a blueprint for other European countries, the long-term national study called on to achieve greater efficiency is using lithium to replace its dependence on traditional fossil fuels.

Mr Sánchez noted that his government recognises the geostrategic importance of the San Jose project and the country’s long-term roadmap for the transformation. The availability of lithium raw materials is significant for Spain, in order for it to become a sustainable country and emit a low carbon footprint.

Infinity Lithium advised that it is continuing to engage with major project stakeholders following the cancellation of the Investigation Permit Valdeflorez.

The Infinity Lithium share price has accelerated to more than 120% over the past year.

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The post Why the Infinity Lithium (ASX:INF) share price is rocketed 38% higher appeared first on The Motley Fool Australia.

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