- European Metals (EMH) has been granted a Preliminary Mining Permit for the eastern portion of the Cinovec deposit in the Czech Republic
- A Preliminary Mining Permit is a necessary pre-qualification before a Final Mining Permit can be granted
- This permit has been granted for an eight year period and follows on from grants in the northwest and southern portions of the deposit
- European Metals is now planning to combine all three permits into a single one to simplify the process of applying for a Final Mining Permit
- Company shares are up a slight 1.89 per cent and are trading for 27 cents each at market close
European Metals (EMH) has been granted a Preliminary Mining Permit for the eastern portion of the Cinovec deposit in the Czech Republic.
A Preliminary Mining Permit (PMP) is a necessary pre-qualification before a Final Mining Permit can be received. It guarantees the company the priority right to apply for a Final Mining Permit.
This permit was issued by the Czech Ministry of Environment for an eight year period and follows already granted permits for the northwest and southern portions of the deposit.
These permits are valid until 2028 and 2025 respectively.
European Metals is now planning to combine all three permits into a single one to simplify the process of applying for a Final Mining Permit.
“This PMP renewal confirms the rapid advancement of permitting of the Cinovec Project. There has been a significant increase in the financial and political support for the development of the battery industry in the EU in recent months and a renewed focus on the development of local supply chains,” Managing Director Keith Coughlan stated.
“Cinovec is by far the largest hard rock lithium resource in the EU, containing in excess of 65 per cent of the known total resources,” he said.
“This fact, together with the advanced state of the project, the low cost profile, and the significant support of its major shareholder, places the project ideally to supply battery grade lithium products into the European battery industry,” he added.
The Cinovec Project is located 100 kilometres northwest from Prague in the Czech Republic.
It has a total indicated mineral resource of 372.4 million tonnes at 0.4 per cent lithium oxide and 0.04 per cent tin, and an inferred mineral resource of 323.5 million tonnes at 0.39 per cent lithium oxide and 0.04 per cent tin for a combined 7.18 million tonnes of lithium carbonate equivalent and 262,600 tonnes of tin.
This makes it the largest lithium deposit in Europe and the fourth largest non-brine deposit in the world.
A recently completed preliminary feasibility study has shown that Cinovec has the potential to become the lowest cost, hard rock lithium producer in the world.
European Metals has ended the day a slight 1.89 per cent in the green with shares trading for 27 cents each in a $40.99 million market cap.