Infinity Lithium Corp. Ltd. said March 18 that it increased ownership of the San Jose lithium project in Spain to 75% after successfully renegotiating the earn-in terms of a 2016 joint venture deal with Valoriza Mineria SA.

The ASX-listed explorer will pay €250,000 immediately and make payments totaling €750,000 by May 13, 2020.

Infinity Lithium also holds an option to forgo the staged payments, revert to a 50% stake in the San Jose project and deliver a feasibility study within 18 months of choosing this option.

In November 2018, a scoping study for lithium hydroxide production at the San Jose joint venture outlined a posttax net present value, discounted at 8%, of US$905 million based on an average life-of-mine lithium hydroxide price of US$17,733 per tonne.