{"id":1180183,"date":"2020-04-23T12:09:04","date_gmt":"2020-04-23T17:09:04","guid":{"rendered":"https:\/\/www.mining.com\/?p=1021523"},"modified":"2020-04-23T12:09:04","modified_gmt":"2020-04-23T17:09:04","slug":"europes-largest-lithium-project-fully-funded-to-construction","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1180183","title":{"rendered":"Europe\u2019s largest lithium project fully funded to construction"},"content":{"rendered":"<p>European Metals Holdings\u2019 (ASX, LON: EMH) shareholders <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.investi.com.au\/api\/announcements\/emh\/c91f74d2-ab0.pdf\" >have approved a major investment<\/a> into the company\u2019s Cinovec lithium and tin project in Czech Republic, believe to be <a href=\"https:\/\/www.mining.com\/czech-mining-industry-pins-hopes-revival-lithium\/3290\/\"  rel=\"noreferrer noopener\" aria-label=\"Europe\u2019s largest deposit of the battery metal (opens in a new tab)\">Europe\u2019s largest deposit of the battery metal<\/a>.<\/p>\n<div class='d-flex justify-content-center d-xs-block d-sm-block d-md-none'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>The decision allows Czech utility CEZ, in which the state holds a 70% share, to invest \u20ac29.1 million ($32m) for a 51% equity interest in Geomet. The company is EMH\u2019s subsidiary and holder of the project licences.<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>Funding paves the way for Cinovec to become the first European Union producer of battery-grade lithium.<\/p>\n<\/blockquote>\n<\/figure>\n<p>Cinovec is now fully funded up to the decision to construct,<br \/>\nEMH said, paving the way for the project to become the first European Union<br \/>\nproducer of battery-grade lithium from a local mine.<\/p>\n<p>The deal could also help CEZ transition towards renewable<br \/>\nenergy and position itself as a main supplier for Europe\u2019s electric car<br \/>\nindustry.<\/p>\n<p>Construction of the project, acquired by EMH in 2012, is expected<br \/>\nto take two years.<\/p>\n<p>Cinovec is located in the Krusne Hore Mountains, which divide the Czech Republic from the Saxony State of Germany. The asset is within a historic mining region, with artisanal extraction dating back to the 1300s.<\/p>\n<p>Unlike most other lithium deposits in the world, Cinovec is in an area with built-in, working infrastructure, which includes&nbsp;a railroad. It is also conveniently located close to car makers, most of which have launched or are planning to introduce electric vehicles.<\/p>\n<h2><strong>Among top producers<\/strong><\/h2>\n<p>The world&#8217;s top three lithium producers are Australia, Chile and China, in that order. The Czech Republic could potentially take the fifth place, right after Argentina, thanks to Cinovec.<\/p>\n<p>The transaction, expected to close on April 27, comes at<br \/>\ntimes when electric vehicles (EVs) demand continues to rise. <\/p>\n<p>Benedikt Sobotka, chief executive of&nbsp;Eurasian Resources Group and co-chair of the&nbsp;<a href=\"https:\/\/www.weforum.org\/global-battery-alliance\/home\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Global Battery Alliance<\/a> said this week that EVs penetration rates are growing across many countries, with&nbsp; the UK reaching a 7% rate in March, Germany setting a new record of 9% and France attaining a plug-in EVs penetration rate of 12%. <\/p>\n<p>The same pattern is evident in many other countries, Sobotka<br \/>\nsaid. In Portugal, Tesla\u2019s Model 3 became the second bestselling car in March,<br \/>\njust behind the Mercedes-Benz A-Class and Italy EVs sales are also at record<br \/>\nhigh levels.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Cinovec lithium and tin project in Czech Republic could become the first European Union producer of battery-grade lithium.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[1016,369,4],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1180183"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1180183"}],"version-history":[{"count":6,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1180183\/revisions"}],"predecessor-version":[{"id":1180235,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1180183\/revisions\/1180235"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1180183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1180183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1180183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}