European Metals Holdings Ltd (AIM:EMH, ASX:EMH, OTCQX:EMHLF) told investors the land necessary for the Cinovec Mine’s lithium plant has been bought for US$43.96mln.
The property is located at the 'Dukla' industrial site in the Újezdeček Municipality, Czech Republic, and it is some 6.2 kilometres from the mine.
At the Dukla facility it is planned that Cinovec ore will undergo beneficiation and processing into battery-grade lithium.
This plan is in line with the current definitive feasibility study which the company said is on-track for completion in the fourth quarter of 2023.
"Acquiring this land secures an integral part of the Cinovec Project - the acquisition of the land on which the Lithium Plant is to be built,” said European Metals chair Keith Coughlan in a statement.
“The close location of Dukla to the mine site is critical to the minimisation of transport costs and ESG impact. The acquired land is zoned for industrial use.
“With the land now secured, DRA Global can complete the layout designs for the lithium plant which are required as part of the DFS. This enables the timeline to completion to be maintained," he added.
Geomet, a Czech company 49% owned by European Metals, will own the Dukla property.