European Metals local subsidiary Geomet receives €29.1mln, following completion of deal with CEZ
The €29.1mln investment deal between European Metals Holdings Ltd (LON:EMH)(ASX:EMH) and Czech power company CEZ has now completed.
Accordingly, CEZ now has a 51% equity interest in Geomet, European Metals Czech subsidiary and the holder of the licences to the Cinovec lithium project.
The payment of €29.1mln, which has been received into the Geomet account, will see the Cinovec project fully funded to the decision to construct, paving the way for Cinovec to become the first European Union producer of battery grade lithium compounds from a local lithium resource.
The project work program will commence immediately.
"We are delighted to have concluded the investment with CEZ and to commence the next stage of development of Europe's largest hard rock lithium project,” said European Metals managing director Keith Coughlan.