European Metals Holdings said Friday that its 49%-owned subsidiary Geomet has bought land for $44 million at Czech industrial site Dukla to construct a lithium processing plant.
The Australia-based mining company said the close location of the Dukla site to its lithium and tin Cinovec project site will help reduce transport costs.
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“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,” Chief Executive of Cadence Minerals Kiran Morzaria said.
Cadence holds around 6.8% percent of the equity in European Metals Holdings.
Source: Market Watch
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