European Metals raises funds for Cinovec
PERTH (miningweekly.com) – Triple-listed European Metals Holdings has raised A$7.1-million through a share placement to institutional and sophisticated investors, to further assist in the development of its Cinovec lithium/tin project, in the Czech Republic.
The ASX-, Aim-, and Nasdaq-listed company on Wednesday announced that it had received firm commitments for the placement of some 6.45-million chess depositary interests, at an issue price of A$1.10 each.
“We are very pleased to complete this capital raising at this time and to add cornerstone shareholders to our register who we believe will be very valuable to the company as we move into our full project funding,’ said executive chairperson Keith Coughlan.
Cinovec is the largest hard rock lithium deposit in Europe and the fourth largest non-brine deposit in the world.
A 2017 prefeasibility study estimated that the project would require a capital investment of $393-million to produce 20 800 t/y of battery grade lithium carbonate. The study estimated that the project would have a net present value of $540-million and an internal rate of return of 21%.
Subsequent optimisation work increased the lithium carbonate production from Cinovec to 22 500 t/y through improved recoveries in the leach circuit.
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