register free | resend password


San José Lithium Project and Valdeflórez Update

ID: 1549747
recent pressrelease next pressrelease

(PresseBox) - br />
The Extremadura Regional Government has made an administrative error with regards to the public exposure period in H2 2016 of the Valdefl

This error has been recognised and the administrative process has commenced to rectify the issue by the authorities. The Valdefl

The Joint Venture retains preferential rights and ownership claim whilst this remains in application status.

The Regional Government has recognised its error and is working with us to rectify the historical administrative defect and move forward.

MOVING FORWARD

Infinity and the Joint Venture retains the opportunity and option to proceed directly to a new Mining Licence Application (Exploitation Concession) after the completion of the Pre-Feasibility Study.

Tecnolog

The European Battery Alliance, which was launched in October 2017 by European Commission Vice President Maro? ?ef?ovi? and includes support from the European Commission and European Investment Bank, will be visiting Spain over the coming month and in the process continuing discussions with Infinity and Tecnolog

The lithium hydroxide Pre-Feasibility Study nears completion and work continues with completion scheduled in the coming weeks.

Summary

Infinity Lithium Corporation Limited (ASX:INF) (?Infinity?, or ?the Company?) wishes to inform the market of recent developments relating to the administrative process with regards to the San Jos

On 29 May 2019 the Junta notified Tecnolog

TEL has been advised that the administrative defect which has caused this reversion to application status occurred due to the Department of Mines failure to provide public exposure of the restoration plan which accompanied the exploration proposal during tenement application as required under their law.

TEL Joint Venture partners Valoriza Mineria S.A (?Valoriza Mineria?) and Infinity have resolved to confirm the request to move the previously granted Valdefl



TEL retains tenure in application and has lost no preferential rights or priority to explore and develop Valdefl

Infinity has been advised that under the provisions of Spanish Mining Law, TEL now has the option to move ahead to a direct Exploitation Concession Application (equivalent to a Mining Licence Application) after the completion of the Pre-Feasibility Study into the production of lithium hydroxide with or without the underlying application being granted or not by that time.

TEL and Infinity are pleased with the progression of San Joss a major focus of key industry stakeholders including the European Commission, the European Investment Bank and automotive OEMs.

The Company is mindful of the risks associated with the grant of the mining license and cannot guarantee the current or additional applications for tenements made by the Company will ultimately be granted, in whole or in part. Further the Company cannot guarantee that renewals of valid tenements will be granted on a timely basis, or at all.

TEL and Infinity are very disappointed by the short-term confusion that has eventuated from the administrative defect on behalf of the Department of Mines. Nonetheless TEL understands the potential for future uncertainty should the situation not be immediately resolved, and therefore the decision by the Junta of Extremadura (?Junta?, or ?Regional Government?) to progress the requirement to revert the Valdefl

Appendix 1:

Notification of the Junta?s Decision

The Junta of Extremadura (?Junta?, or ?Regional Government?) announced on 29 May that it had revoked the granted status underlying Investigation Permit (PI 10343-00) covering San Jospted responsibility for the internal administrative error that has led to the determination to rectify the administrative fault.

Previously the Joint Venture applied for, and had been granted, an Investigation Permit (equivalent of an Exploration Licence) which allowed drilling and technical work to support technical studies and the submission of the indirect or Derived Exploitation Concession Application (equivalent of a Mining Licence Application).

Rationale for the Decision of the Junta

The decision by the Junta to revert to the application status of the Investigation Permit was the result of the recognition of an internal administrative error made in 2016 within the regional Junta agencies (Department of Mines, which is part of the Ministry of Industry, Economy and Mining).

Given the potential size and significant investment required for San Jos

Discussions held over the past days have clarified the position of the Junta.or that has occurred as a direct result of the administrative defect within the Regional Government.

Background

The history of the San Jos

The San Josaloriza Minera, a wholly owned subsidiary of a large Madrid listed entity (and part of the IBEX35, the benchmark stock market index of the Bolsa de Madrid, Spain''s principal stock exchange), a Spanish construction and engineering company.

Valoriza Mineria was awarded the rights to apply for and develop the Project in May 2016.

Valoriza applied for an Investigation Permit covering the deposit with due process and according to the relevant regulations.

Infinity subsequently earned a 50% project ownership interest in TEL with the delivery of the lithium carbonate scoping study and submission of the MLA in Q4 2017 (ASX announcement 18 October 2017). the result of expenditure in excess of several million euros and has significantly advanced the Project towards production.

Next Steps

The changing lithium market has resulted in a move from lithium carbonate to lithium hydroxide production which is a minor variation in the total integrated project, however, the deviation towards a premium priced and more relevant lithium chemical product suitable to support the burgeoning European Union (?EU?) automotive market requires a specific Lithium Hydroxide Pre-Feasibility Study (?PFS?).ial development partners.

Tenement

The administrative process required to rectify the administrative error of the Department of Mines requires the Department to notify affected internal agencies and receive a response within 10 working days, construct and publish the announcement of the application in the official gazette for publication.on process and assessment of public submissions.

The law now permits the Joint Venture to take advantage of previous works undertaken at San Jos

TEL retains maximum reservation of legal rights for both Valoriza Mineria and Infinity Lithium whilst the Valdefl

Infinity has been advised that under the provisions of Spanish Mining Law, TEL has the option to move ahead to a Direct Exploitation Concession Application (equivalent to a Mining Licence Application) after the completion of the Pre-Feasibility Study into the production of lithium hydroxide.

At this stage both Indirect and Direct avenues remain available to TEL.that both expedites the application and is consultative and respectful of interested parties.

The Company is mindful of the risks associated with the grant of the mining license and cannot guarantee the current or additional applications for tenements made by the Company will ultimately be granted, in whole or in part.

Industry

The European Battery Association (?EBA?) have requested, as part of their continued focus on the entire lithium-ion battery supply chain within the EU, the opportunity to meet in Spain with Infinity over the coming month.

Further to this announcement, Swedish cathode and lithium-ion battery start-up Northvolt announced last month the securing of a ?350 million loan from the EIB, the lender?s largest ever direct financing in the lithium-ion battery supply chain.lanning to electrify its product range on a grand scale and through the cooperation with Northvolt, Volkswagen could initially cover almost 10% of its requirements, and in a later expansion stage around 20%.



More information:
http:// https://www.realwire.com/releases/Immedis-Announces-25-Million-Investment https://www.realwire.com/releases/INCA-awards-first-Gold-Standard-Quality-Mark-for-wireless-services https://www.amazon.com/dp/B07RSQ5PKK https://www.haulageexchange.co.uk/haula



Keywords (optional):



Company information / Profile:

PressRelease by

Requests:



PressContact / Agency:



published by: PresseBox
print pressrelease  send to a friend  

Date: 06/10/2019 - 07:21
Language: English
News-ID 1549747
Character count: 6819
Kontakt-Informationen:
Firma: Swiss Resource Capital AG
Ansprechpartner: Feedback to businesspress24.com about Pressrelease-id:
Stadt: Herisau
Telefon:

Meldungsart:
Versandart:
Freigabedatum:
Comments:



Number of hits: 357

Linking-Tips:



Direct Link to this PressRelease:






We would appreciate a link in your News-, Press- or Partner-Site.

Comments on this PressRelease






All members: 9 438
Register today: 0
Register yesterday: 0
Members online: 0
Guests online: 56


Don't have an account yet? You can create one. As registered user you have some advantages like theme manager, comments configuration and post comments with your name.