Business
Euro Manganese Reports Third Fiscal Quarter 2023 Financial Results and Project Developments
VANCOUVER, British Columbia, Aug. 14, 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, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Euro Manganese Inc. (TSX-V and ASX: EMN; OTCQX: EUMNF; Frankfurt: E06) (the \"Company\" or \"EMN\") is pleased to announce key developments during the third fiscal quarter and to date. The Company has now filed its June 30, 2023 Third Fiscal Quarter Financial Statements and Management’s Discussion and Analysis. Euro Manganese reports to a fiscal year-end of September 30. Key Developments During and Subsequent to the Quarter Chvaletice Project, Czech Republic Award of EPCM contract to Wood for development of the Chvaletice Processing Plant. The Company selected Wood Australia as its Engineering, Procurement and Construction Management (\"EPCM\") partner following a rigorous selection process. The contract has two phases, with an approval stage gate between each phase. Phase 1 includes Front End Engineering Design (\"FEED\") and is anticipated to take approximately 12 months. Phase 2 is the EPCM phase, which includes detailed design, procurement, construction, and commissioning. A Final Investment Decision (\"FID\") is 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). Revised ESIA to be resubmitted, no anticipated effect on timeline to FID. Work to address the comments received related to noise abatement are progressing well. The Company anticipates the issuance of a positive decision on the revised Environmental Social Impact Assessment (\"ESIA\") before the end of 2023. Preparation of other key permits is progressing well. Documentation for the Land Planning Permit is substantially complete and will be finalised upon receipt of the conditions in the approved ESIA. The Land Planning Permit will be submitted on approval of the ESIA. The Construction Permit is a deliverable of the FEED phase of engineering and is expected to be submitted in mid-2024. Production of 99.9% pure HPEMM from Chvaletice Demonstration Plant significantly de-risks the process flow sheet. External laboratory testing confirmed that the first sample of high-purity electrolytic manganese metal (\"HPEMM\") met the Demonstration Plant target specifications. Production of on-spec high-purity manganese sulphate monohydrate (\"HPMSM\") due in the near term. Corrosion inside the crystallizer due to a man...