EUMNF - Euro Manganese Advances to Next Stage of Debt Funding Process with the European Investment Bank | Benzinga
VANCOUVER, British Columbia, March 10, 2024 (GLOBE NEWSWIRE) -- Euro Manganese Inc. ((TSX-V and ASX: EMN, OTCQX:EUMNF, Frankfurt: E06)) (the "Company") today announced that its Chvaletice Manganese Project ("Chvaletice" or the "Project") is formally listed1 as under appraisal for debt financing with the European Investment Bank ("EIB"). Funding from the EIB would complement a broader funding package to support the development of the Company's high-purity battery-grade manganese plant in the Czech Republic.
Highlights
- Euro Manganese's Chvaletice Project has progressed to the formal appraisal stage for debt financing with the EIB in what was a significant milestone in securing funds for the Czech Republic's high-purity manganese production plant
- Chvaletice is the European Union's ("EU") sole large manganese reserve, positioning Euro Manganese as a key supplier of local, recycled, ESG compliant high-purity manganese for the European EV market
- Recognised by the EU as both a Strategic and Critical Raw Material source, the Chvaletice Project is set to boost EU resilience in battery materials while delivering environmental benefits through historical tailings remediation
- Debt financing from the EIB supports the aims of the inter-governmental Minerals Security Partnership ("MSP"), which includes 13 countries and the EU, that has endorsed the Chvaletice Project as a key initiative
Dr. Matthew James, President & CEO of Euro Manganese, commented:
"The advancement of our Chvaletice Manganese Project to a formal under appraisal level signals the EIB's commitment to supporting sustainable opportunities in the battery supply chain. Chvaletice remains the only sizable proven and probable reserve of manganese in the European Union and through the Project, Euro Manganese will be uniquely positioned to provide a secure, traceable, and responsibly produced supply of high-purity manganese products to the European electric vehicle market. With the European Bank of Reconstruction and Development ("EBRD") already as a key shareholder, today's announcement is another key step towards achieving project funding. We look forward to obtaining EIB's continued support for this strategic project."
The EIB notes: "The European Commission has identified both battery-grade manganese and manganese as 'Strategic Raw Material' and "Critical Raw Material", being highly relevant not only for the green and digital transitions, but also for strategic technologies and sectors. The Chvaletice Manganese Project represents an important circular economy-based source of ...