TIDMKDNC
RNS Number : 2786C
Cadence Minerals PLC
09 June 2023
09/06/2023
Cadence Minerals Plc
("Cadence Minerals", "Cadence", or "the Company")
Corporate Update - European Metals Holdings #EMH: Land secured
for Cinovec lithium plant
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
the announcement by European Metals Holdings Limited (ASX &
AIM: EMH, OTCQX: EMHXY, ERPNF and EMHLF) that Geomet s.r.o (its 49%
owned subsidiary) has agreed to purchase land at the industrial
site "Dukla" in the Újezdeček Municipality, 6.2 km south of the
planned Cinovec Mine portal area, on which it intends to construct
a lithium plant, for a total purchase consideration of US$ 43.96m
.
Highlights:
-- Cinovec Project Company, Geomet s.r.o. secures ownership of
Dukla industrial site for construction of the Cinovec lithium
plant
-- Dukla Plant site will include ore beneficiation plant and battery-grade lithium plant
-- Geomet s.r.o., owner of 100% of the Cinovec Project, to become sole owner/user of site
The Dukla site, which is subject to an existing industrial usage
permit, is owned by four private companies, with all peripheral and
adjacent land relevant to the site held by Czech State and/or local
public bodies.
The Cinovec Project holding company, Geomet s.r.o. ( Geomet )
which is a forty nine percent (49%) owned subsidiary of European
Metals, has agreed to acquire one of the privately-held land
packages and entered into exclusive and unconditional option
agreements for the purchase of the other three. The Dukla site has
been confirmed as an appropriate site upon which to build a lithium
plant for the beneficiation of Cinovec ore and production of
battery-grade lithium in accordance with the Company's ongoing DFS
which is on track to be completed in 4Q23. This confirmation has
been obtained as a result of engineering layout and design work
undertaken in the DFS to-date, geohydrological and geotechnical
surveys over the site, completed in early 2023.
An application to the Usti Regional Department of Land Use
Planning for the rezoning of the land around the Dukla site (which
is already zoned for industrial use), ore transport corridor
options and the Cinovec Mine portal area was made in April 2022.
The result of this re-zoning application is expected to be
finalised in 4Q23.
The Company intends to exercise its 3 options and settle these
land acquisitions after the re-zoning application has been
successful, anticipated to occur in 2024 .
European Metals Executive Chairman Keith Coughlan commented;
" Acquiring this land secures an integral part of the Cinovec
Project - the acquisition of the land on which the Lithium Plant is
to be built. The close location of Dukla to the mine site is
critical to the minimisation of transport costs and ESG impact. The
acquired land is zoned for industrial use. With the land now
secured, DRA Global can complete the layout designs for the lithium
plant which are required as part of the DFS. This enables the
timeline to completion to be maintained."
Cadence CEO Kiran Morzaria added; "The Dukla land acquisition
marks another major milestone in Cinovec's evolution into a future
battery grade lithium supply hub for Europe and the rest of the
world. We look forward to further developments."
Link here to view the full EMH announcement
Cinovec Lithium/Tin Project
Geomet s.r.o. controls the mineral exploration licenses awarded
by the Czech State over the Cinovec Lithium/Tin Project. Geomet has
been granted a preliminary mining permit by the Ministry of
Environment and the Ministry of Industry. The company is owned 49%
by EMH and 51% by CEZ a.s. through its wholly owned subsidiary,
SDAS. Cinovec hosts a globally significant hard rock lithium
deposit with a total Measured Mineral Resource of 53.3Mt at 0.48%
Li2O and 0.08% Sn, Indicated Mineral Resource of 360.2Mt at 0.44%
Li2O and 0.05% Sn and an Inferred Mineral Resource of 294.7Mt at
0.39% Li2O and 0.05% Sn containing a combined 7.39 million tonnes
Lithium Carbonate Equivalent and 335.1kt of tin.
Cadence Minerals holds approximately 6.8% percent of the equity
in European Metals Holdings.
For further information
contact:
Cadence Minerals plc +44 (0) 20 3582 6636
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD
& Broker) +44 (0) 207 220 1666
James Joyce
Darshan Patel
Enzo Aliaj
Brand Communications +44 (0) 7976 431608
Public & Investor Relations
Alan Green
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the
information contained in this announcement. Kiran holds a Bachelor
of Engineering (Industrial Geology) from the Camborne School of
Mines and an MBA (Finance) from CASS Business School.
Cautionary and Forward-Looking Statements
Certain statements in this announcement are or may be deemed to
be forward-looking statements. Forward-looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should", "envisage", "estimate", "intend", "may", "plan",
"will", or the negative of those variations or comparable
expressions including references to assumptions. These
forward-looking statements are not based on historical facts but
rather on the Directors' current expectations and assumptions
regarding the company's future growth results of operations
performance , future capital, and other expenditures (including the
amount, nature, and sources of funding thereof) competitive
advantages business prospects and opportunities. Such
forward-looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors. Many factors could cause actual results to differ
materially from the results discussed in the forward-looking
statements, including risks associated with vulnerability to
general economic and business conditions, competition,
environmental and other regulatory changes actions by governmental
authorities, the availability of capital markets reliance on key
personnel uninsured and underinsured losses and other factors many
of which are beyond the control of the company. Although any
forward-looking statements contained in this announcement are based
upon what the Directors believe to be reasonable assumptions. The
company cannot assure investors that actual results will be
consistent with such forward-looking statements.
The information contained within this announcement is deemed by
the company to constitute Inside Information as stipulated under
the Market Abuse Regulation (E.U.) No. 596/2014, as it forms part
of U.K. domestic law under the European Union (Withdrawal) Act
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June 09, 2023 06:46 ET (10:46 GMT)
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