European Green Transition has entered into an option to commence due diligence on and potentially acquire a copper tailings recycling project in Cyprus.
Situated near the formerly-producing Limni copper mine that produced over 8.1 Mt between 1937 and 1978, EGT has an exclusive twelve-month period to carry out due diligence.
A recovery circuit has been proposed to extract copper from existing pit waters at Limni while the site and surroundings might be suitable for a solar energy facility once the tailings work is completed.
A fee of £125,000 has been paid to owner BW79 Holdings for the option.
Aiden Lavelle, EGT’s chief executive, said: “The Limni Project perfectly fits our aim to pursue what we believe are high-quality opportunities where we can potentially generate near-term cash flow efficiently, while also prioritising the environment and local stakeholders.
“We have seen a stronger interest in copper with increased M&A activity, particularly in the London market. In light of shortages and rising prices for the metal, we believe this project is potentially well-placed to benefit from Europe's green energy transition and the fundamental role that copper will play.
"I have personal experience and knowledge of the project, having worked on it back in 2017 and even then, the project demonstrated potential value as a major copper tailings recycling project.”