JOHANNESBURG (miningweekly.com) – ASX-listed Plymouth Minerals, which is earning in to the San Jose lithium/tin project in Spain, has announced that it will sell its potash assets and change its name to reflect its sole focus.
In an emailed newsletter, CEO and MD Adrian Byass said on Thursday that the name change to Infinity Lithium Corporation was aimed at reflecting the company’s sole focus.
Plymouth is working with groups in London and Australia to divest of the highly advanced, but idled potash assets – Banio and Mamana – in Gabon.
Commenting on the negative sentiment that news of a planned production increase out of Chile has caused, Byass said that SQM’s extraction licence for 216 000 t/y of lithium carbonate (LCE) would “barely maintain” the company’s share of the market as predicted by major groups, such as UBS.
“If anything it should be viewed in my opinion as a positive as it helps to smooth price fluctuations and preserve an orderly market, encouraging more investment in vehicles and technology which consumes lithium,” he said.
Byass added that Plymouth had witnessed increasing interest in potential partnerships and end-user offtake opportunities for San Jose following the delivery of a scoping study, which earned it a 50% stake in the project.
The company will earn a 75% stake in San Jose when it completes a feasibility study, currently scheduled for the third quarter.