7th Mar 2025 13:32
(Alliance News) - European Metals Holdings Ltd on Friday said the Cinovec project has been declared a "strategic deposit" by the Czech government.
European Metals shares surged 13% to 6.50 pence in London on Friday afternoon.
The Czech Republic-focused mineral exploration and development company said the designation is a "major step forward" for the project as it enables joint venture Geomet to obtain permits without "undue delay".
It said the designation will help to expedite approval processes, reducing the time required for project preparation and mining initiation, and reduce the administrative burden by streamlining coordination between various authorities.
"Overall, this status will enhance the predictability and speed of permitting processes, facilitating the timely extraction of raw materials critical for energy security and industrial needs," the company said.
"The designation of the Cinovec Project as a strategic deposit is a significant milestone which has been achieved through the diligent work of Geomet and CEZ," Executive Chair Keith Coughlan said.
"This designation will enable the project timeline to be expedited and provides a clear signal of the importance of the development of Cinovec by the Czech government for both the European car industry as well as the EU green transition."
By Michael Hennessey, Alliance News reporter
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