European Metals jumps on $417M Czech lithium boost
me-metals: European Metals Holdings (ASX, AIM:EMH) shares jumped on Friday after the company secured a Czech government grant of up to €360 million ($417 million) for its 49% owned Cinovec lithium project in the Czech Republic.
According to me-metals cited by mining.com, The funding ranks among the largest government commitments to a mining development in the EU. Executive chair Keith Coughlan said the decision underscores Cinovec’s role in Europe’s push to build its electric vehicle supply chain.
Cinovec has been recognized as a strategic asset under the EU Critical Raw Materials Act, giving it access to faster permitting and financing. The Czech government has also designated it a strategic deposit, streamlining approvals. Cinovec hosts the largest lithium resource in Europe, and one of the largest undeveloped tin resources in the world, according to the company.
The mine site lies about 100 km northwest of Prague and previously won a $36 million grant from the EU’s Just Transition Fund.
Cinovec’s proximity to car factories in Germany owned by Mercedes, BMW, Volkswagen and Porsche has been a big selling point. Car manufacturers in Europe face rising regulatory pressure to expand production of electric vehicles, which are powered by lithium-ion batteries.
European Metals closed 58% higher in Sydney at A¢38 and climbed 70% in London by mid-afternoon, lifting its market value to £46.13 million ($61 million).
source: mining.com
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