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Czech minister says government-controlled energy company CEZ is keen to build lithium battery factory near European Metals’ Cinovec project

Cinovec contains more than 700mln tonnes of lithium ore

European Metals Holdings -

The Czech minister of industry and trade, Karel Havlíček, has stated that energy company CEZ, is strongly considering building a lithium battery factory on the Czech border. It would be one of the largest investments of its kind in Central Europe.
 
CEZ is one of the top ten energy companies in Europe and is the largest electricity producer in the Czech Republic. The government is the largest shareholder in CEZ, with a 70 per cent stake.
 
The intention is to use lithium from the Cinovec district, where European Metals Holdings Ltd (LON:EMH) has established a sizeable resource.

In November 2019 European Metals entered into a conditional agreement with CEZ for a strategic partnership, and a significant investment in the Cinovec project.

Under the terms of the agreement CEZ will pay €34mln to take a 51% stake in the operating company that controls the Cinovec project.

Quick facts: European Metals Holdings

Price: 42 GBX

AIM:EMH
Market: AIM
Market Cap: £68.01 m
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