European Metals Holdings Limited (ASX: EMH) has announced that Marc Rowley will lead its Definitive Feasibility Study (DFS) team to progress the Cinovec Project in the Czech Republic.
I am very pleased to have Marc Rowley join European Metals. Marc will significantly enhance the company’s expertise in relation to delivery of the DFS for the Lithium Chemical Plant at the Cinovec Project,” Executive Chairman, Keith Coughlan, said.
“Marc managed the delivery of the DFS for the Goulamina Project, in Mali, West Africa for Leo Lithium (recently spun out from Firefinch Limited) which was completed in October 2020 and subsequently updated in December 2021. A final investment decision was made based on the update and the project is now under construction.
“Prior to his work at Leo Lithium and Firefinch, Marc worked for Altura Mining Limited where he was responsible for the management and delivery of the Pre‐Feasibility Study (PFS) and DFS and the engineering, procurement, construction and commissioning for the Pilgangoora Lithium mine in the Pilbara region of Western Australia.
“European Metals is well positioned for the rising demand in battery materials, developing the Cinovec project, the largest hard rock lithium project in the EU, which is centrally located on the Czech Republic’s border with Germany. The project possesses excellent ESG credentials which will enable the production of battery grade lithium hydroxide and carbonate with potentially one of the lowest CO2 emissions, globally.”
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.
An initial Probable Ore Reserve of 34.5Mt at 0.65% Li2O and 0.09% Sn reported July 4, 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.
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.
On January 19, 2022, EMH provided an update to the 2019 PFS Update, conducted by specialist independent consultants, which indicates a post-tax NPV of US$1.938B and a post-tax IRR of 36.3% 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 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.
