European Metals Holdings Ltd (AIM:EMH, ASX:EMH, OTCQX:EMHLF) shares traded higher as a key approval was secured for the Cinovec mine.
It announced that subsidiary Geomet has been granted an updated Preliminary Mining Permit for the southern part of the Cinovec deposit by the Czech Ministry of the Environment.
The permit is valid for eight years until 2033 and covers an area of around 1.5 square kilometres.
This approval is a prerequisite for a Final Mining Permit.
It secures the company’s priority right to apply for and obtain a Final Mining Area and Final Mining Permit. Together with existing permits for Cinovec Northwest and Cinovec-East, it covers the entire Cinovec ore reserve.
“This is a critical step in securing the Final Mining Permit over the entire Cinovec Deposit as we work towards the completion of the DFS,” said chief executive Keith Coughlan.
“The recent macro improvement in the lithium market and renewed regional support suggest that the project will come to fruition at an opportune time."
In London, European Metals shares opened Tuesday higher, reaching up to 10p, before slipping back as trading continued.