Business
Land Secured for Cinovec Lithium Plant
Land Secured for Cinovec Lithium Plant.
About this update from European Metals Holdings Ltd
[{"type":"text","content":"\n\nFor immediate release \n9 June 2023\n \nLand Secured for Cinovec Lithium Plant\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\nEuropean Metals Holdings Limited (ASX & AIM: EMH, OTCQX: EMHXY, ERPNF and EMHLF) (\"European Metals\" or the \"Company\") is pleased to announce 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.\nCommenting on the land purchases, European Metals Executive Chairman Keith Coughlan said:\n\"Acquiring this land secures an integral part of the Cinovec Project - the acquisition of the land on which the Lithium Plant is to be built. The close location of Dukla to the mine site is critical to the minimisation of transport costs and ESG impact. The acquired land is zoned for industrial use.\nWith the land now secured, DRA Global can complete the layout designs for the lithium plant which are required as part of the DFS. This enables the timeline to completion to be maintained.\"\nDukla Processing Plant Site\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.\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.\nThe 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 confirm...