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Euro Manganese surges as it sets out on search for global partner

Bacchus Capital Advisers will assist the company in the search for a strategic partner to assist with the development of Czech high-purity manganese project.

Euro Manganese Inc - Euro Manganese sets out on search for global partner
The project is in the heart of Europe’s EV and battery production supply chain

Euro Manganese Inc (ASX:EMN) (CVE:EMN) (FRA:E06) has launched a process with financial adviser Bacchus Capital Advisers (BCA) to secure a strategic partner to assist with development of Chvaletice Manganese Project in the Czech Republic.

ASX shares have surged up to 50% to an intra-day high of A$0.125 cents and are up from 7.2 cents at close on May 8.

The global search follows the company receiving expressions of interest from various parties to partner in the development of the important European waste recycling project.

Partnering interest

This level of interest prompted the board to engage BCA to undertake a formal search to find an optimal ownership and/or capital structure that can support advancement of the project.

Chvaletice represents a sizeable, globally significant and advanced stage development opportunity that is expected to sustainably and competitively deliver battery-grade, high-purity manganese products.

Strategic position

The project is highly strategic due to its well-connected location at the heart of Europe’s fast-growing electric vehicle and battery production supply chain.

It stands to become Europe’s only primary producer of high-purity manganese products, which have a key role to play in lithium-ion batteries and in Europe’s push towards sustainable battery self-sufficiency.

Search process

The search process will see EMN and BCA evaluate all available options for the advancement and development of the project, to deliver maximum value of this strategic asset for the company and its shareholders.

While initial approached have been received, Euro Manganese has not fielded any binding offer at this time and there can be no certainty that this process will result in an offer or any form of transaction.

At the Chvaletice project, EMN will recycle historic mine tailings that host Europe’s largest manganese deposit and result in environmental remediation of this site.

EV and battery hub

The European Union is emerging as a major electric vehicle and battery manufacturing hub.

EMN’s goal is to become the preferred supplier of sustainably produced ultra-high-purity manganese products for the lithium-ion battery industry and for producers of specialty steel, high-technology chemicals and aluminium alloys.

Quick facts: Euro Manganese Inc

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Market Cap: $189.13 m

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Euro Manganese provides update on Chvaletice Manganese Project which remains...

Euro Manganese (CVE: EMN ASX: EMN) CEO Marco Romero joined Steve Darling from Proactive to provide an update on their Chvaletice Manganese Project. The project was able to take a number of steps forward after their oversubscribed financing of 30 million dollars. Romero telling Proactive the...

on 27/5/21

2 min read