Euro Manganese achieves key milestone with environmental permit for Chvaletice Manganese Project
–News Direct–
Euro Manganese Inc President and CEO Dr Matthew James tells Proactive's Stephen Gunnion that the battery materials company has achieved a key milestone at its Chvaletice Manganese Project after receiving approval for its Environmental and Social Impact Assessment from the Czech Ministry of Environment.
James told Proactive the Czech project involves remediating historical mine tailings from a previous pyrite mine, containing significant manganese deposits. The company also owns land directly opposite the tailings area for a processing plant.
The Chvaletice Manganese Project is unique for its high-purity manganese, essential for electric vehicle batteries, particularly in NMC (nickel-manganese-cobalt) batteries.
James explained that the project's manganese is crucial for the energy transition, boasting strong Environmental, Social, and Governance (ESG) credentials, including a carbon footprint one-third that of the industry standard in China. A completed Definitive Feasibility Study (DFS) in July 2022 estimated the project's net present value at approximately US$1.3 billion.
The European Bank for Reconstruction and Development (EBRD) is the company's second-largest shareholder, highlighting significant European support alongside the European Investment Bank (EIB), which has approved the project for appraisal. Financial strategies include a proposed 65% gearing, with funding expected from both the EIB and the EBRD. Additionally, a financing package from Orion Resource Partners provides non-dilutive funding to shareholders.
The company is also developing an early-stage project in Quebec, positioning itself within a growing battery materials hub. This project aims to produce IRA-compliant high-purity manganese sulphate.
Upcoming milestones for investors include further offtake contracts and securing the last land access agreement for their Czech Republic project, having already achieved significant environmental approval.
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View source version on newsdirect.com: https://newsdirect.com/news/euro-manganese-achieves-key-milestone-with-environmental-permit-for-chvaletice-manganese-project-266918458
Euro Manganese Inc
COMTEX_450229977/2655/2024-04-02T11:04:49
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