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.
“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