The Infinity Lithium Corporation Ltd (ASX: INF) share price is racing higher today. This follows the lithium explorer’s announcement regarding increased production volumes at the San José lithium project in Spain.
At the time of writing, Infinity shares are up 19.35% to 19 cents apiece.
Infinity scales up battery grade lithium chemicals
In its statement, Infinity advised is has significantly ramped up production quantities of battery-grade lithium carbonate and hydroxide.
This was achieved following completion of metallurgical test work at Dorfner Anzplan’s facilities in Germany.
In June 2020, Infinity entered into a project agreement with EIT InnoEnergy to develop a sustainable, novel, and innovative sulphate roast process.
EIT InnoEnergy is supported by the European Institute of Innovation and Technology (EIT), which is a body of the European Union.
The production of battery-grade lithium chemicals was successfully achieved under the guidance of recognised lithium industry experts and members of the Infinity Technical Advisory Committee.
Approximately 0.8 kilograms of battery-grade lithium hydroxide was retained by Infinity for verification purposes and advancement of offtake discussions.
The next stage will progress locked cycle test work and the engineering design criteria for the project feasibility study.
Infinity’s tranche 3 funding under the project agreement is expected to be committed upon completion of reporting and verification.
In addition, the company noted that provisional patents covering the novel aspects of the sulphate roast process flowsheet are expected to advance.
Commenting on the news fuelling the Infinity Lithium share price, CEO and managing director Ryan Parkin said:
The production of battery-grade lithium hydroxide in the scale-up phase has highlighted the successful implementation of the innovative sulphate roast process in alignment to key EU ESG principles.
We are looking forward to broadening discussions with end users in the progression of a fully integrated lithium-ion battery supply chain in Spain and the EU.
About the Infinity Lithium share price
Despite today’s strong gains, the Infinity Lithium share price has plummeted 16% since this time last year.
It has been a rollercoaster ride for investors as the company’s 52-week range is between 5.9 cents and 26 cents.
At today’s price, Infinity Lithium commands a market capitalisation of around $75.7 million, with more than 414.82 million shares outstanding.
The post Infinity Lithium (ASX:INF) share price charges 19% higher on production news appeared first on The Motley Fool Australia.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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