4th Sep 2018 10:01
LONDON (Alliance News) - Shares rose in European Metals Holdings Ltd on Tuesday as it said work has started on updating the preliminary feasibility study for the Cinovec lithium-tin project in Czech Republic.
Shares in the miner rose 17% to 21.00 pence on Tuesday following the announcement.
The study will model the production of higher-value lithium hydroxide due to its growing use in lithium ion batteries. The study is expected to be finalised in the next two months, European Metals said.
In addition, testwork has been restated at Dorfner Anzaplan in Germany, which managed to replicate leach recoveries of 94 to 95% lithium in six tests.
European Metals will start geotechnical drilling for the portal and decline positions of the planned underground within two weeks. Four holes will be drilled on site with the results used to finalise the design of the box cut and initial decline.
"The move to modelling the production of lithium hydroxide is being undertaken due to the increased use of this product in Europe and the higher revenues associated with this. Czech and broader European battery manufacturers are moving towards the production of ever more efficient batteries and with our vision of supplying to the European market we need to keep in step with the market," said Managing Director Keith Coughlan.
"The updated PFS that we aim to release in the next two months will include this work, the recent improvements in roast recoveries and on-going optimisation of the mine plan," Coughlan added.
Related Shares:
European Metals Holdings