European Lithium raises cash to advance ‘strategic’ Austria project
Australian exploration and development company European Lithium (EUR) has raised A$2.1-million to continue to advance its Wolfsberg project, in Austria – close to some of the European Union’s (EU’s) largest lithium import markets.
The share placement at $0.045 a share was strongly supported by a number of existing shareholders and institutional investors, the company reported on Tuesday.
Funds raised from the placement will be applied to metallurgical test work of bulk samples from the Wolfsberg project to qualify product specifications for offtake partners and end-use applications in support of the company's definitive feasibility study and to redeem convertible notes issued to Winance with a face value of $500 000.
EUR stated that its strategic engagement with Talaxis and subsequent appointment of Kimon Gkomozias as executive director to lead its development strategy in Europe would assist the company tap into the European Battery Alliance network, which is estimated to be worth €250-billion from 2025 onwards.
“EUR is well timed and well positioned to benefit from Europe's unprecedented need for lithium, contributing to the European integration of the lithium supply chain and capitalising on the resulting growth of the regional lithium ecosystem,” said Gkomozias.
The EU has started an ambitious plan to build and reshape its battery supply chain. The European Commission's recently announced Action Plan on Critical Raw Materials is looking at the current and future challenges and actions to reduce Europe's dependency on third-world countries, diversifying supply from both primary and secondary sources and improving resource efficiency while promoting responsible sourcing worldwide. It contains 30 critical raw materials. Lithium, which is essential for a shift to e-mobility, has been added to the list for the first time.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation