EMN - Euro Manganese achieves key milestone with environmental permit for Chvaletice Manganese Project
(NewsDirect)
Euro Manganese Inc President and CEO DrMatthew James tells Proactive's Stephen Gunnion that the batterymaterials company has achieved a key milestone at its ChvaleticeManganese Project after receiving approval for its Environmental andSocial Impact Assessment from the Czech Ministry of Environment.
James told Proactive the Czech projectinvolves remediating historical mine tailings from a previous pyritemine, containing significant manganese deposits. The company also ownsland directly opposite the tailings area for a processing plant.
The Chvaletice Manganese Project isunique for its high-purity manganese, essential for electric vehiclebatteries, particularly in NMC (nickel-manganese-cobalt) batteries.
James explained that theproject's manganese is crucial for the energy transition, boastingstrong Environmental, Social, and Governance (ESG) credentials,including a carbon footprint one-third that of the industry standardin China. A completed Definitive Feasibility Study (DFS) in July 2022estimated the project's net present value at approximately US$1.3billion.
The European Bank forReconstruction and Development (EBRD) is the company'ssecond-largest shareholder, highlighting significant European supportalongside the European Investment Bank (EIB), which has approved theproject 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 Partnersprovides non-dilutive funding to shareholders.
The company is also developing anearly-stage project in Quebec, positioning itself within a growingbattery materials hub. This project aims to produce IRA-complianthigh-purity manganese sulphate.
Upcoming milestones forinvestors include further offtake contracts and securing the last landaccess agreement for their Czech Republic project, having alreadyachieved significant environmental approval.
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