Business
Euro Manganese Welcomes the European Critical Raw Materials Act
VANCOUVER, British Columbia, March 20, 2023 (GLOBE NEWSWIRE) -- Euro Manganese Inc. (TSX-V and ASX: EMN; OTCQX: EUMNF; Frankfurt: E06) (the "Company" or "EMN")
About this update from Euro Manganese, Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, March 20, 2023 (GLOBE NEWSWIRE) -- Euro Manganese Inc. (TSX-V and ASX: EMN; OTCQX: EUMNF; Frankfurt: E06) (the \"Company\" or \"EMN\") welcomes the European Commission’s (\"EC\" or the \"Commission\") proposed Critical Raw Materials Act (\"CRMA\" or the \"Act\") published on March 16, 2023, which outlines how the European Union (\"EU\") intends to ensure a secure and sustainable supply of critical raw materials that are essential in supporting the energy transition. The Company supports this proposed legislation and believes its Chvaletice Manganese Project (the \"Chvaletice Project\" or the \"Project\") in the Czech Republic is likely to benefit as outlined below. Key Highlights for Euro Manganese High-purity manganese (battery grade) included as a strategic raw material. “Manganese – Battery Grade” was added to the list of critical raw materials identified in the Act, which are those considered to be of high economic importance and high supply risk to the EU. “Manganese – Battery Grade” was also identified as a strategic raw material, which recognizes its importance in meeting Europe’s decarbonization efforts and in defence and space applications. Europe currently relies on imports of high-purity manganese to meet 90% of its demand.1 The Company’s Chvaletice Project expects to deliver almost 50 Kt of high-purity manganese metal per year when in full production, meeting approximately 25% of European demand and helping the EU reduce its trade reliance on this strategic raw material. Chvaletice Project supports EU requirement for local extraction, processing, and use of recycled raw materials. The Act sets out clear benchmarks for domestic mining, processing and recycling. By 2030, of all critical raw materials consumed in the EU each year: 10% to be mined from European Union sources; 40% to be processed within the European Union; and 15% to come from recycled materials. The Company believes the Chvaletice Project satisfies all three of these requirements. The Project’s high-purity manganese products will be extracted and refined in the Czech Republic. Furthermore, as the Project involves reprocessing manganese contained in historic mine waste to produce high-purity manganese for the EV battery supply chain, the Project’s products may also qualify as recycled materials. In addition, the Company has b...