SMM11, 21 Jun: Czech utility CEZ and European metal holding company (European Metals Holdings) have reached a conditional agreement that will allow CEZ to own 51 per cent of the Cinovec lithium project.
CEZ, the largest listed utility in central Europe (70 per cent of state-owned enterprises), has conducted due diligence on the project since it provided 2 million euros in convertible loans to European metals (EMH) in July.
EMH controls the exploration license for the Cinovec lithium / tin project in the Czech Republic, which the company says is the largest lithium deposit in Europe.
Under the proposed deal, CEZ will buy a stake in EMH's licensed Geomet subsidiary for 34.1 million euros ($37.7 million) by subscribing for new shares, EMH said in a statement.
EMH controls the exploration license for the Cinovec lithium / tin project in the Czech Republic, which the company says is the largest lithium deposit in Europe.
EMH, which is listed in London, said that if the deal was completed, it would give Cinovec full funding to make a construction decision.
A CEZ spokesman said the project was conducting due diligence and that everything depended on the results of due diligence.
The project is supported by Czech government officials. This will help CEZ develop in the field of energy storage and battery manufacturing.
With the vigorous development of the European electric vehicle market, the demand for lithium will continue to grow.
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