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European Metals subsidiary Geomet receives €29.1mln, following completion of deal with CEZ

Accordingly, CEZ now has a 51% equity interest in Geomet, which is the holder of the licences to the Cinovec project, Europe's largest hard rock lithium project

European Metals Holdings -

European Metals Holdings Ltd (LON:EMH) (ASX:EMH) said its Czech subsidiary Geomet has now received €29.1mln following completion of its deal with power company, CEZ

The €29.1mln investment deal between European Metals and CEZ has now completed. Accordingly, CEZ now has a 51% equity interest in Geomet, which is the holder of the licences to the Cinovec project, Europe's largest hard rock lithium project

The payment of €29.1mln, which has been received into the Geomet account, will see the Cinovec project fully funded to the decision to construct, paving the way for Cinovec to become the first European Union producer of battery-grade lithium compounds from a local lithium resource.

The project work program will commence immediately.

"We are delighted to have concluded the investment with CEZ and to commence the next stage of development of Europe's largest hard rock lithium project,” European Metals’ managing director Keith Coughlan said in a statement.

“We have a very experienced team in place and will now commence the feasibility study and associated permitting processes. We believe that the battery and EV industries in the EU are set for significant growth."

 

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Price: 15.33 GBX

AIM:EMH
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Market Cap: £23.72 m
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European Metals' Keith Coughlan hails completion of €29.1mln CEZ investment

European Metals Holdings Ltd's (LON:EMH) (ASX:EMH) Keith Coughlan speaks to Proactive's Andrew Scott after announcing its Czech subsidiary Geomet has now received €29.1mln following completion of its deal with power company, CEZ. CEZ now has a 51% equity interest in Geomet, which is the...

on 28/4/20

2 min read