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November 20, 2019 6:45 pm | FILED UNDER: business

CEZ To Acquire 51% Stake In Cinovec Lithium Mine

By William Malcolm

CEZ and European Metals Group (EMH) reached a conditional agreement on a strategic partnership.

CEZ will acquire a 51 percent stake in Geomet, EMH’s Czech subsidiary. Which owns mining rights worth EUR 34.06 million (Kc870.4 million).

Due diligence must still be carried out. Also, the deal must be approved by the shareholders.

CEZ announced its interest in lithium mining in July. CEZ lent EMH two million euros at that time and has been conducting due dillegence since then.

Three percent of the world’s Lithium resources are located in the Czech Republic. The vast majority in Cínovec and a small amount in the Slavkov Forest. The deposit near Cinovec is the largest in Europe.

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