TIDMEMH
RNS Number : 9578K
European Metals Holdings Limited
07 September 2021
For immediate release
7 September 2021
EUROPEAN METALS HOLDINGS LIMITED
NEW OPERATIONS MANAGER AT CINOVEC LITHIUM PROJECT
European Metals Holdings Limited (EMH, Company) (ASX & AIM:
EMH, OTC - Nasdaq Intl ADS: EMHXY) is pleased to announce that
Geomet s.r.o., the management company of the Cinovec Lithium
Project, has appointed Mr. Walter Mädel in the role of Operations
Manager.
Walter Mädel is an experienced minerals operations and ore
processing specialist and has successfully delivered lithium ore
processing plants for Altura's Pilgangoora mine and Firefinch's
Goulamina hard rock lithium DFS over the last five years.
At Firefinch, Mr Mädel recently led the development of the
lithium ore processing facility in the DFS for the Goulamina
project, on the back of which Jiangxi Ganfeng Lithium Company Ltd,
the world's largest lithium producer (by capacity), committed to
invest US$194m in June 2021, substantially funding Goulamina
through to production.
At Altura's Pilgangoora project, Mr. Mädel had a leadership role
as processing manager in taking the processing facility of the
project from early-stage feasibility, through DFS, detailed design,
project implementation, commissioning and operational readiness
into production.
Simon Edwards, Geomet COO, said "Walter brings to the Cinovec
team a wealth of mineral processing experience, particularly in
processing hard rock lithium minerals, tin and tungsten bearing
ores, magnetic and heavy mineral separation expertise. He also
brings tremendous experience in the management of the operational
transition from DFS through the construction and commissioning
stages to the Cinovec lithium project."
Keith Coughlan, EMH Executive Chairman, said "We are delighted
to have Walter join the Cinovec team. His experience in delivering
lithium ore processing facilities in tier-one environments will be
the catalyst for a number of ongoing strategic developments for the
Cinovec lithium project. He has the right experience in the right
minerals for Cinovec and significantly increases the team's
experience in lithium EPC execution."
BACKGROUND INFORMATION ON CINOVEC
PROJECT OVERVIEW
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 European Metals and 51% by CEZ a.s. through
its wholly owned subsidiary, SDAS. Cinovec hosts a globally
significant hard rock lithium deposit with a total Indicated
Mineral Resource of 372.4Mt at 0.45% Li(2) O and 0.04% Sn and an
Inferred Mineral Resource of 323.5Mt at 0.39% Li(2) O and 0.04% Sn
containing a combined 7.22 million tonnes Lithium Carbonate
Equivalent and 263kt of tin reported 28 November 2017 (Further
Increase in Indicated Resource at Cinovec South).
An initial Probable Ore Reserve of 34.5Mt at 0.65% Li(2) O and
0.09% Sn reported 4 July 2017 ( Cinovec Maiden Ore Reserve -
Further Information ) has been declared to cover the first 20 years
mining at an output of 22,500tpa of lithium carbonate reported 11
July 2018 ( Cinovec Production Modelled to Increase to 22,500tpa of
Lithium Carbonate ).
This makes Cinovec the largest hard rock lithium deposit in
Europe, the fourth largest non-brine deposit in the world and a
globally significant tin resource.
The deposit has previously had over 400,000 tonnes of ore mined
as a trial sub-level open stope underground mining operation.
In June 2019 EMH completed an updated Preliminary Feasibility
Study, conducted by specialist independent consultants, which
indicated a return post tax NPV of USD1.108B and an IRR of 28.8%
and confirmed that the Cinovec Project is a potential low operating
cost, producer of battery grade lithium hydroxide or battery grade
lithium carbonate as markets demand. It confirmed the deposit is
amenable to bulk underground mining. Metallurgical test-work has
produced both battery grade lithium hydroxide and battery grade
lithium carbonate in addition to high-grade tin concentrate at
excellent recoveries. Cinovec is centrally located for European
end-users and is well serviced by infrastructure, with a sealed
road adjacent to the deposit, rail lines located 5 km north and 8
km south of the deposit and an active 22 kV transmission line
running to the historic mine. As the deposit lies in an active
mining region, it has strong community support.
The economic viability of Cinovec has been enhanced by the
recent strong increase in demand for lithium and tin globally, and
within Europe specifically.
There are no other material changes to the original information
and all the material assumptions continue to apply to the
forecasts.
CONTACT
For further information on this update or the Company generally,
please visit our website at www.europeanmet.com or see full contact
details at the end of this release.
WEBSITE
A copy of this announcement is available from the Company's
website at www.europeanmet.com.
ENQUIRIES:
European Metals Holdings Limited
Keith Coughlan, Executive Chairman Tel: +61 (0) 419 996 333
Email: keith@europeanmet.com
Kiran Morzaria, Non-Executive Director Tel: +44 (0) 20 7440 0647
Dennis Wilkins, Company Secretary Tel: +61 (0) 417 945 049
Email: dennis@europeanmet.com
WH Ireland Ltd (Nomad & Joint Broker)
James Joyce / Darshan Patel Tel: +44 (0) 20 7220 1666
(Corporate Finance)
Harry Ansell/Jasper Berry (Broking)
Shard Capital (Joint Broker) Tel: +44 (0) 20 7186 9950
Damon Heath
Erik Woolgar
Blytheweigh (Financial PR) Tel: +44 (0) 20 7138 3222
Tim Blythe
Megan Ray
Chapter 1 Advisors (Financial PR
- Aus) Tel: +61 (0) 433 112 936
David Tasker
The information contained within this announcement is considered
to be inside information, for the purposes of Article 7 of EU
Regulation 596/2014, prior to its release. The person who
authorised for the release of this announcement on behalf of the
Company was Keith Coughlan, Executive Chairman .
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