12.8 C
Belgrade
Supported byspot_img
spot_img

Euro Manganese raising money for Chvaletice manganese project in Czech Republic

Member of Europium Groupspot_img
Supported byspot_img

In order to accelerate work at its Chvaletice manganese project, in the Czech Republic, Euro Manganese will raise C$29-million in a private placement. The share offer will be done in two tranches, with the first consisting of more than 41.6-million CDIs to raise an initial C$24.2-million, while the second tranche would consist of more than 8.3-million CDIs, to raise a further C$4.8-million. The second tranche placement will be subject to shareholder approval.

The share placement is being anchored by a strategic investor and an environmental, social and corporate governance-focused fund, and received strong support from several existing institutional shareholders, Euro Manganese said. Proceeds from the share placement will be used to advance the Chvaletice manganese project, allowing for the completion of all site and technical work required for a final investment decision by 2022.

“We are very pleased to see such strong and high quality investor interest in this equity offering. We now have the funds required to install, commission and operate our demonstration plant and to finalise our definitive feasibility study and final environmental impact assessment during the next 12 months,” said Euro Manganese president and CEO Marco Romero.

Supported by

“The demand for high purity manganese products continues to grow and the latest market developments have further improved our prospects. Volkswagen Auto Group recently announced plans to use a high proportion of manganese in their batteries that will be used in the largest segment of its future electric vehicle production.

“In addition, Euro Manganese has secured support from EU-backed EIT InnoEnergy, which is intended to help us accelerate the Chvaletice manange project and to secure strategic financing and customer offtake agreements. Euro Manganese is clearly in the right place at the right time,” said Romero.

A preliminary economic assessment of the Chvaletice project estimated that it would require a capital investment of some $404-million, to produce some 1.19-million tonnes of manganese over a 25-year project life.

Source: miningweekly.com

 

Supported byElevatePR Digital

Related News

Euro Manganese Inc. receives approval for Environmental Impact Assessment and appoints Project Director

Euro Manganese Inc. is pleased to announce the approval of the Environmental and Social Impact Assessment (ESIA) for the Chvaletice Manganese Project by the...

Advancements in European Metals Holdings’ Cinovec project in Czech Republic

European Metals Holdings provided an update on the progress of the Cinovec Project in the Czech Republic, owned by its subsidiary Geomet, focusing on...

Czech Republic, Environmentalists plan to turn to international courts for help following Poland’s decision to prolong mining until 2044

Poland has authorized prolonging coal mining in Turow, near the Czech border, until 2044, the Czech Environment Ministry confirmed. Environmentalists criticized Poland’s decision, saying that...

Czech Republic, European Metals expects surge in gigafactory battery output

European Metals said the latest half-year saw “continued progress” towards the finalisation of a Definitive Feasibility Study for its Cinovec lithium project in the...
Supported by
Supported by
Supported by
error: Content is protected !!