European Metals (CzechLithium) Cinovec lithium project classified as strategic by europeanunion BatteryMetals
The Cinovec mine will churn out 29,386 tonnes of lithium hydroxide a year over its 25-year productive life.
The stock rose almost 18% on the news in Australia to close 9.7% higher at A$0.74. In London it climbed 17.3% to 44 pence, but dropped later in the day to 39 pence — still 4% higher than Friday’s close. The designation provides “further evidence of strong support from the Czech government and the European Union and the Europe-wide recognition of the critical part which the Cinovec project will play in enabling the EU to reach its stated goals of lithium self-sufficiency by 2030,” chairperson Keith Coughlan said in the statement.
European Metals controls the exploration licences to the Cinovec lithium/tin project in the Czech Republic, which it describes as Europe’s largest hard rock lithium deposit and the world’s fourth-largest non-brine deposit.
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