Business
Quarterly Activities Report
Quarterly Activities Report.
About this update from European Metals Holdings Ltd
[{"type":"text","content":"\n \n \n RNS Number : 7431U\n European Metals Holdings Limited\n 31 July 2020\n \n \n \n \n For immediate release\n \n 31 July 2020\n EUROPEAN METALS HOLDINGS LIMITED\n QUARTERLY ACTIVITIES REPORT - JUNE 2020\n \n \n \n European Metals Holdings Limited (ASX & AIM: EMH, FSE: E861.F) (\"European Metals\" or \"the Company\") is pleased to provide an update on its activities during the three-month period ending 30 June 2020 which highlights the continued progress in the development of the globally significant Cinovec Lithium/Tin Project (\"the Project\" or \"Cinovec\") in Czech Republic.\n \n \n \n \n CEZ INVESTMENT IN CINOVEC PROJECT APPROVED\n \n \n \n \n \n On 23 April 2019, European Metals advised that shareholders had approved the investment of EUR 29.1 million (~ AUD 50.2 million) by CEZ a.s. (\"CEZ\") for a 51% equity interest in Geomet, the Company's Czech subsidiary and holder of the Cinovec licenses at the Extraordinary General Meeting held on 23 April 2020. \n \n \n \n \n \n European Metals advised on 28 April 2020 that the above investment was completed, and that project work would commence immediately. \n \n \n \n \n \n The investment of EUR 29.1 million will see the Cinovec project fully funded to the decision to construct.\n \n \n \n \n \n PRELIMINARY MININIG PERMIT AT CINOVEC GRANTED\n \n \n \n \n \n On 16 June 2020, European Metals advised that \n the Czech Ministry of the Environment had granted Geomet an updated Preliminary Mining Permit related to the Eastern part of the Cinovec deposit. \n \n \n \n \n \n The permit was issued for a period of 8 years. A Preliminary Mining Permit is a necessary legal pre-qualification before obtaining a Final Mining Permit and guarantees the Company the priority right to apply for and obtain a Final Mining Area and a Final Mining Permit. \n \n \n \n \n \n The approval for the Cinovec-East Preliminary Mining Permit of the deposit covers an area of 0.201 km2 and, together with the existing Preliminary Mining Permits, encompases the entire Cinovec ore reserve with Preliminary Mining Permits. There are three Preliminary Mining Permits issued with medium-term validity periods; Cinovec Northwest and Cinovec-East are valid until 2028 and Cinovec-South until 2025. The Company intends to amalgamate all three P...