European Metals Holdings Ltd (AIM:EMH, ASX:EMH, OTCQX:EMHLF) (EMH) Cinovec lithium project was host to Czech Republic prime minister Petr Fiala and alongside the political visit has been boosted by the signing of a new co-operation deal in Germany.
The prime minister’s visit to what’s described as a “globally significant lithium project” saw a speech from the leader.
"Lithium is a critical and key raw material. Cínovec is the largest European deposit of this raw material. Thanks to this, the Czech Republic has a unique opportunity to contribute to both its own and European raw material security,” Fiala said, via translation presented in the company’s statement.
"We are on the threshold of a ‘lithium revolution’ as the use of lithium will grow significantly. As a country with a large share of the automotive industry, it is important for us to support it and capture current trends.
"We are offered a unique chance to build the entire chain from mining to the production of electric cars. That is why we need lithium and we are trying to build a battery factory, the so-called gigafactory," the prime minister added.
Immediately following the site visit at Cinovec, the prime minister travelled across the border to the city of Dresden, in the neighbouring German province of Saxony, where he signed a memorandum of cooperation for the implementation of projects of strategic importance.
European Metals noted that the memorandum “strengthens cooperation between the states on raw materials, energy and fuel security, with a particular emphasis on lithium”.
Keith Coughlan, European Metals executive chair commented: "The recent visit by Prime Minister Fiala and the subsequent memorandum of cooperation between the Czech Republic and the state of Saxony are highly significant.
“These developments highlight the strategic importance of our project to the region and to the broader European Union.
“With increased recognition of the importance of Cinovec, EMH anticipates further acceleration in support throughout the project's development pathway."