logo-loader
viewEuropean Metals Holdings

European Metals says Geomet granted preliminary mining permit related to the Northwestern part of the Cinovec deposit

The group said the permit, which is a necessary legal pre-qualification before obtaining a final mining permit, has been issued for a period of 8 years

Europa Metals Ltd -
It noted that the preliminary approval for the Northwestern part of the deposit covers an area of 1.27 square kilometres

European Metals Holdings Limited (LON:EMH) said the Czech Ministry of the Environment has granted its Czech subsidiary Geomet the preliminary mining permit related to the Northwestern part of the Cinovec deposit.

The group said the permit, which is a necessary legal pre-qualification before obtaining a final mining permit, has been issued for a period of 8 years and guarantees the company the priority right to apply for and obtain a final mining area and a final mining permit.

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

It noted that the preliminary approval for the Northwestern part of the deposit covers an area of 1.27 square kilometres and, together with the existing preliminary mining permits, now encompases the entire Cinovec ore reserve.

The company said this permit significantly strengthens Geomet's position as the only possible miner and paves the way for obtaining the remaining permits to start construction, mining, and processing activities.

Earlier this week, European Metals revealed that Geomet had now received €29.1mln following completion of its deal with power company, CEZ and the investment deal between European Metals and CEZ had 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

In a statement, European Metals managing director Keith Coughlan commented: "With 100% of the Cinovec ore reserve now covered by PMP's, Geomet is now the sole company that can apply for a final mining permit across the Cinovec Ore Reserve which is Europe's largest hard rock lithium reserve and a  globally significant deposit.”

He added: “With the recent investment of € 29.1 million into Geomet by CEZ, this security of tenure now allows Geomet to focus on rapidly advancing the feasibility and permitting of Cinovec."

Quick facts: European Metals Holdings

Price: 15.11 GBX

AIM:EMH
Market: AIM
Market Cap: £23.38 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of European Metals Holdings named herein, including the promotion by the Company of European Metals Holdings in any Content on the Site, the...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

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