European Metals announces tie-in with EIT InnoEnergy
Cinovec is the largest hard rock lithium resource in Europe
Company
ASX:EMH
European Metals Holdings Ltd is an Australian and UK listed mineral exploration and development company with a clear aim to create a sustainable European lithium supply chain with low carbon footprint. At the heart of its strategy is to advance the Cinovec vertically integrated battery metals project in Czech Republic.
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Cinovec is the largest hard rock lithium resource in Europe
"We are delighted to be partnering with DGWA to attract European and especially German-speaking investors," said interim executive chairman Keith Coughlan
Cinovec is held through Geomet, a joint venture with a Czech company
As far as the company can tell, no offer has been made via any regulated exchange
Proactive's mining analyst Dr Ryan discusses with Keith Coughlan, the managing director of European Metals, the de-risking of the Cinovec Lithium -Tin Project
The group said the permit, which is a necessary legal pre-qualification before obtaining a final mining permit, has been issued for a period of 8 years
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Accordingly, CEZ now has a 51% equity interest in Geomet, which is the holder of the licences to the Cinovec project, Europe's largest hard rock lithium project
It means that the Cinovec project is now fully funded up to the decision to construct, which paves the way for it to become the first European Union producer of battery-grade lithium compounds from a local lithium resource
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European Metal Holdings (AIM:EMH) 9.9p, Mkt Cap £14.7m – CEZ investment European Metals Holdings reports that it is issuing a formal notice of a shareholder meeting, to be held on 23rd April, to consider the proposed €29.1m investment by on
The Czech state power utility CEZ has agreed to stump up £25.6mln for a 51% stake in the Cinovec battery-grade lithium project
The amended terms will see CEZ pay €29.1mln for a 51% stake in the project
The Cinovec project lies just over the border from Germany's major car manufacturing hub
Cinovec contains more than 700mln tonnes of lithium ore
The AIM-listed firm said shareholders had approved a subscription of around €34mln by Czech conglomerate CEZ Group for a 51% stake in Geomet, European Metals’ Czech subsidiary and the owner of the Cinovec licences
Following the placing of 2.3mln shares, the company has just over 153mln shares in issue.
“CEZ is a leader in power generation and distribution in the region and has plans to become heavily involved in the development of new energy systems,” EMH noted.
Our resident mining analyst Ryan Long takes a closer look at a deal EMH has struck with CEZ Group, one of the largest power utilities in central and eastern Europe
If the deal is concluded the money would fund Cinovec through to a construction decision.
The company's coffers remained topped up after the summer share placing to progress development of the Cinovec project and continue talks with potential partners