Geomet receives Czech state grant for Cinovec lithium project

Geomet, a associated task betwixt European Metals Holdings (49%) and CEZ (51%), has received a assistance of up to €360m ($416.98m) from the Czech Government, pending completion of administrative procedures.

The funding, provided by the Czech Republic’s Ministry of Industry and Trade nether the Strategic Investments for a Climate-Neutral Economy programme, volition enactment the advancement of the company’s flagship Cinovec lithium project.

The programme is designed to enactment important investments successful the accumulation and enlargement of equipment, cardinal components and captious earthy materials needed for the modulation to a climate-neutral economy.

It aligns with the European Commission’s (EC) Temporary Crisis and Transition Framework and is intended to accelerate economical improvement and concern successful strategical sectors.

The last assistance magnitude volition beryllium confirmed upon the ceremonial grant and whitethorn beryllium little than the maximum of €360m.

European Metals enforcement president Keith Coughlan said: “This is simply a transformational milestone for European Metals and the Cinovec project. The Czech Government’s grant of a assistance of up to €360m represents 1 of the largest nonstop project-level backing commitments to a captious earthy materials task wrong the EU.

“Following the antecedently elaborate ceremonial designation of the project, the support of specified a important fiscal publication intelligibly demonstrates the enactment for and value of Cinovec successful the aboriginal of European electromobility.

“Coming astatine a clip of renewed affirmative outlook for lithium and beardown geopolitical committedness to captious earthy worldly proviso concatenation security, the assistance confirms the important enactment astatine some Czech Government and EU levels.”

The Cinovec task has been declared a strategical inaugural by the EC nether the EU Critical Raw Materials Act.

This presumption provides entree to accelerated permitting, backing eligibility done institutions specified arsenic the European Investment Bank and “one-stop-shop” regulatory processes.

The Czech Government has besides designated Cinovec arsenic a strategical deposit, which simplifies and prioritises its permitting process nether the Czech Construction Code.

The programme supports manufacturing of cardinal components for applicable equipment, arsenic good arsenic accumulation oregon processing of captious earthy materials identified successful Regulation (EU) 2024/1252, including lithium.

Its nonsubjective is to catalyse accelerated and large-scale investments to fortify European vigor security, bolster proviso concatenation resilience and heighten concern competitiveness.

The adjacent steps for the Cinovec lithium task see completion of administrative processes to contented the ceremonial grant-award decision, incorporation of the assistance into Cinovec’s task concern structure, ongoing coordination with the Ministry and CzechInvest connected eligible-cost readying and reporting, and finalisation of operation readiness activities erstwhile remaining approvals are completed.