LONDON (ShareCast) - (Sharecast News) - Germany-focussed lithium development company Zinnwald Lithium updated the market on its recent developments on Monday, noting the delivery of its "key strategic goal" of achieving 100% ownership of Deutsche Lithium.
The AIM-traded firm, which was holding its annual general meeting, also confirmed the completion of the initial phase of the lithium hydroxide testwork at the Zinnwald project, with "highly encouraging" initial test results.

It had also recently expanded its licence footprint in Germany following the grant of the Sadisdorf licence in Saxony.

The board also said the ongoing rationalisation of its portfolio was enabling management and cash resources to be focussed on the Zinnwald project.

"As governments and organisations worldwide drive the rapid deployment of new clean energy technologies, the role of critical materials, including metals such as lithium, is becoming more apparent," said non-executive chairman Keremy Martin.

"The European Union (EU) estimates 18 times more lithium is required by 2030 to support its climate-neutrality scenarios, while at least 24 new lithium battery 'gigafactories' are planned in Europe, with four expected to come online in 2021, bringing Europe's production capacity from its current 30 GWh to 700 GWh by 2028."

To keep up with that demand, Martin said the EU was focussed on encouraging local supply.

"We are positioned to be an important supplier of value-added downstream battery-grade lithium products, and look forward to updating the market on our progress as we achieve further milestones advancing the project."

At 0948 BST, shares in Zinnwald Lithium were up 4.78% at 17.29p.

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