{"id":7586,"date":"2019-07-22T14:00:08","date_gmt":"2019-07-22T13:00:08","guid":{"rendered":"https:\/\/praguebusinessjournal.com\/?p=7586"},"modified":"2019-07-22T19:10:21","modified_gmt":"2019-07-22T18:10:21","slug":"cinovec-lithium-project-could-begin-operations-in-2020","status":"publish","type":"post","link":"https:\/\/praguebusinessjournal.com\/cinovec-lithium-project-could-begin-operations-in-2020\/","title":{"rendered":"Cinovec Lithium Project Could Begin Operations In 2020"},"content":{"rendered":"

European Metals Holdings could begin operations at its Cinovec lithium project in the Czech Republic by mid-2022, and is holding preliminary discussions with potential customers, it said on Monday.<\/p>\n

 <\/p>\n

Czech utility CEZ, in which the state holds a 70% share, last week said it had conditionally agreed to provide 2 million euros ($2.2 million) through a convertible loan to EMH which paves the way for it to become one of EMH\u2019s largest shareholders.<\/p>\n

 <\/p>\n

European Metals, listed in London and Australia, controls the exploration licenses to the Cinovec lithium\/tin project in the Czech Republic, which it describes as Europe\u2019s largest lithium deposit.<\/p>\n

 <\/p>\n

It could help CEZ shift to renewable energy and supply Europe\u2019s electric car industry.<\/p>\n

 <\/p>\n

\u201cIt\u2019s very big, it\u2019s low-cost, it\u2019s surrounded by carmakers and battery makers and it\u2019s in the EU, where there is a very strong political push to develop the battery industry,\u201d Keith Coughlan, managing director at European Metals, said in an interview.<\/p>\n

 <\/p>\n

The company\u2019s shares have risen nearly 50% this year.<\/p>\n

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Coughlan said the site also offers tin but at current tin prices, it\u2019s not economic, just a useful byproduct.<\/p>\n

 <\/p>\n

The CEZ loan is only a small part of the total capital expenditure of $480 million, but Coughlan said it was a commitment that inspired confidence while CEZ carries out due diligence on the project.<\/p>\n

 <\/p>\n

CEZ can convert the principal to shares at any point before the loan\u2019s expiry at the end of the year. Czech Prime Minister Andrej Babis has supported the deal if analysis shows mining the project would be promising.<\/p>\n

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European Metals is working on a definitive feasibility study and says it could begin project construction, which is expected to take two years, in mid-2020.<\/p>\n

 <\/p>\n

The CEZ loan would make it easier to talk to\u00a0other financiers, Coughlan said, adding he had held preliminary discussions with buyers, including carmakers and battery producers. All are European, although some are units of companies with headquarters beyond Europe, he said.<\/p>\n

 <\/p>\n

The European Union, keen to shorten its supply chains, is focusing on strategic minerals and developing supplies for its electric vehicle industry.<\/p>\n

 <\/p>\n

Via Reuters<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

European Metals Holdings could begin operations at its Cinovec lithium project in the Czech Republic by mid-2022, and is holding preliminary discussions with potential customers, it said on Monday.   Czech utility CEZ, in which the state holds a 70% share, last week said it had conditionally agreed to provide 2 million euros ($2.2 million) … Read more<\/a><\/p>\n","protected":false},"author":5,"featured_media":7588,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[18],"tags":[124],"jetpack_publicize_connections":[],"yoast_head":"\nCinovec Lithium Project Could Begin Operations In 2020 - Prague Business Journal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/praguebusinessjournal.com\/cinovec-lithium-project-could-begin-operations-in-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cinovec Lithium Project Could Begin Operations In 2020 - Prague Business Journal\" \/>\n<meta property=\"og:description\" content=\"European Metals Holdings could begin operations at its Cinovec lithium project in the Czech Republic by mid-2022, and is holding preliminary discussions with potential customers, it said on Monday.   Czech utility CEZ, in which the state holds a 70% share, last week said it had conditionally agreed to provide 2 million euros ($2.2 million) ... 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