European Metals Holdings (EMH) shareholders approved CEZ’s investment in its Czech subsidiary Geomet. CEZ is investing 29.1 million euros to secure a 51% stake in Geomet.
The investment will be used to fund the operation of Cinovec lithium mine.
Geomet will begin a feasibility study to determine the prospects of the mine and whether mining should commence. CEZ has the option to withdraw from the project and recover unused funds should it prove to be unprofitable.
CEZ Group will have three board seats on the five-member board of Geomet, and two representatives at EMH.
Approximately three percent of the world’s lithium deposits are located in the Czech Republic. The vast majority are in Cínovec. The Cínovec lithium deposit is the largest in Europe.
