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Euro Manganese Awards EPCM Contract to Wood Australia and Provides Update on Project Permitting
VANCOUVER, British Columbia, June 30, 2023 (GLOBE NEWSWIRE) -- Euro Manganese Inc. (TSX-V and ASX: EMN; OTCQX: EUMNF; Frankfurt: E06) (the "Company" or "EMN") i
About this update from Euro Manganese, Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, June 30, 2023 (GLOBE NEWSWIRE) -- Euro Manganese Inc. (TSX-V and ASX: EMN; OTCQX: EUMNF; Frankfurt: E06) (the \"Company\" or \"EMN\") is pleased to announce it has awarded the Engineering, Procurement, and Construction Management (\"EPCM\") contract for its Chvaletice Manganese Project (\"Chvaletice Project\" or the \"Project\") in the Czech Republic to Wood Australia Pty Ltd (\"Wood\"). The Company also provides an update on the permit approval process for the Project. EPCM Contract Award The Company has selected Wood as its EPCM partner following a rigorous selection process. Five high quality bids were submitted by international EPCM firms in late 2022. Two firms were shortlisted in early 2023 based on cost of service as well as their proposed project schedule, technical and engineering capability, EU experience, team skillset, and overall execution strategy. The Company selected Wood as the preferred contractor in April 2023 and has now concluded the contract negotiations and received Board approval to award the contract to Wood. The contract is cost reimbursable and is structured in two phases (outlined below), with an approval stage gate between each phase as well as after the gap analysis in Phase 1. Completion of Phase 1 is anticipated to take approximately 12 months, with a Final Investment Decision (\"FID\") to be made prior to commencement of Phase 2. Receipt of FID from the Board requires securing outstanding permits and project finance (debt and equity). Phase 1 – Front End Engineering Design (\"FEED\") The FEED phase includes an initial two-month gap analysis and in-depth review of the Definitive Feasibility Study (\"DFS\") deliverables, including the testwork and flowsheet development conducted by the Company over the last 7 years. Following completion of the gap analysis, other key deliverables to be derived over the remaining 10 months during Phase 1 include: completion of value engineering; identification of long-lead time equipment; vendor engagement, selection and firm pricing for major equipment items and packages; total installed capital cost estimate to AACE Class 3 estimate accuracy (+/- 10%); project implementation strategy; a baseline schedule for the EPCM phase; and preparation of construction permit documentation. Phase 2 - Engineering, Procurement and Construction Manage...