TSX-listed battery materials company Euro Manganese has entered into an C$8.5-million strategic investment agreement with multilateral lender the European Bank for Reconstruction and Development (EBRD) to support development of the Chvaletice manganese project, in the Czech Republic.
“Euro Manganese's relationship with the EBRD is expected to be highly strategic as the European Union (EU) charts a path towards greater supply security and sustainability. Supporting the development project of Europe’s only primary producer of high-purity manganese – an essential battery raw material – aligns with these EU goals,” the company said in a January 3 statement.
The Chvaletice project entails reprocessing a significant manganese deposit hosted in mine tailings from a decommissioned mine, strategically located in the Czech Republic.
Euro Manganese’s goal is to become a competitive and environmentally superior primary producer of ultrahigh-purity manganese products in the heart of Europe, serving the lithium-ion battery industry, as well as other high-technology applications.
As part of the due diligence process, the EBRD engaged an independent, international natural resources consultancy to undertake a technical and environmental review of the Chvaletice project.
The investment will see the private placement of 17.8-million common shares of Euro Manganese to be issued to EBRD at a price of C$0.4775 a share, after which the EBRD will hold about 4.5% of the company’s common shares on...
Read Full Story: https://www.miningweekly.com/article/ebrd-to-invest-c85m-in-czech-manganese-project-2022-01-04
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