Business
Update EMH Land secured for Cinovec lithium plant
Update EMH Land secured for Cinovec lithium plant.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n\n09/06/2023\n \nCadence Minerals Plc\n(\"Cadence Minerals\", \"Cadence\", or \"the Company\")\n \nCorporate Update - European Metals Holdings #EMH: Land secured for Cinovec lithium plant\n \nCadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement by European Metals Holdings Limited (ASX & AIM: EMH, OTCQX: EMHXY, ERPNF and EMHLF) that Geomet s.r.o (its 49% owned subsidiary) has agreed to purchase land at the industrial site \"Dukla\" in the Újezdeček Municipality, 6.2 km south of the planned Cinovec Mine portal area, on which it intends to construct a lithium plant, for a total purchase consideration of US$ 43.96m.\n \nHighlights:\n· Cinovec Project Company, Geomet s.r.o. secures ownership of Dukla industrial site for construction of the Cinovec lithium plant\n· Dukla Plant site will include ore beneficiation plant and battery-grade lithium plant\n· Geomet s.r.o., owner of 100% of the Cinovec Project, to become sole owner/user of site\n \nThe Dukla site, which is subject to an existing industrial usage permit, is owned by four private companies, with all peripheral and adjacent land relevant to the site held by Czech State and/or local public bodies.\n \nThe Cinovec Project holding company, Geomet s.r.o. (Geomet) which is a forty nine percent (49%) owned subsidiary of European Metals, has agreed to acquire one of the privately-held land packages and entered into exclusive and unconditional option agreements for the purchase of the other three. The Dukla site has been confirmed as an appropriate site upon which to build a lithium plant for the beneficiation of Cinovec ore and production of battery-grade lithium in accordance with the Company's ongoing DFS which is on track to be completed in 4Q23. This confirmation has been obtained as a result of engineering layout and design work undertaken in the DFS to-date, geohydrological and geotechnical surveys over the site, completed in early 2023.\n \nAn application to the Usti Regional Department of Land Use Planning for the rezoning of the land around the Dukla site (which is already zoned for industrial use), ore transport corridor options and the Cinovec Mine portal area was made in April 2022. The result of this re-zoning appli...