VANCOUVER - March 10, 2024 (GLOBE NEWSWIRE) -- Euro Manganese Inc. (TSX-V and ASX: EMN; OTCQX: EUMNF; Frankfurt: E06) (the "Company") today announced that its Chvaletice Manganese Project ("Chvaletice" or the "Project") is formally listed1 as under appraisal for debt financing with the European Investment Bank ("EIB"). Funding from the EIB would complement a broader funding package to support the development of the Company’s high-purity battery-grade manganese plant in the Czech Republic.
Highlights
- Euro Manganese’s Chvaletice Project has progressed to the formal appraisal stage for debt financing with the EIB in what was a significant milestone in securing funds for the Czech Republic's high-purity manganese production plant
- Chvaletice is the European Union's (“EU”) sole large manganese reserve, positioning Euro Manganese as a key supplier of local, recycled, ESG compliant high-purity manganese for the European EV market
- Recognised by the EU as both a Strategic and Critical Raw Material source, the Chvaletice Project is set to boost EU resilience in battery materials while delivering environmental benefits through historical tailings remediation
- Debt financing from the EIB supports the aims of the inter-governmental Minerals Security Partnership ("MSP"), which includes 13 countries and the EU, that has endorsed the Chvaletice Project as a key initiative
Dr. Matthew James, President & CEO of Euro Manganese, commented: “The advancement of our Chvaletice Manganese Project to a formal under appraisal level signals the EIB’s commitment to supporting sustainable opportunities in the battery supply chain. Chvaletice remains the only sizable proven and probable reserve of manganese in the European Union and through the Project, Euro Manganese will be uniquely positioned to provide a secure, traceable, and responsibly produced supply of high-purity manganese products to the European electric vehicle market. With the European Bank of Reconstruction and Development (“EBRD”) already as a key shareholder, today’s announcement is another key step towards achieving project funding. We look forward to obtaining EIB’s continued support for this strategic project.”
The EIB notes: "The European Commission has identified both battery-grade manganese and manganese as 'Strategic Raw Material' and "Critical Raw Material", being highly relevant not only for the green and digital transitions, but also for strategic technologies and sectors. The Chvaletice Manganese Project represents an important circular economy-based source of high purity manganese and will supply the battery value chain with a key raw material that is largely imported, increasing the EU's resilience. The Project will also include multiple environmental benefits from the remediation of the historic tailings area, particularly in terms of soil quality and freshwater quality."
In October 2023, the Chvaletice Project was named as a project to be supported under the inter-governmental MSP, a collection of 13 countries and the European Union, representing over 50 percent of global GDP. The MSP aims to catalyze public and private sector investment to build diverse, secure and responsible critical mineral supply chains globally.
About Euro Manganese
Euro Manganese is a battery materials company focused on becoming a leading producer of high-purity manganese for the electric vehicle industry. The Company is advancing development of the Chvaletice Manganese Project in the Czech Republic and pursuing an opportunity to produce battery-grade manganese products in Bécancour, Québec.
The Chvaletice Project is a unique waste-to-value recycling and remediation opportunity involving reprocessing old tailings from a decommissioned mine. It is also the only sizable resource of manganese in the European Union, strategically positioning the Company to provide battery supply chains with critical raw materials to support the global shift to a circular, low-carbon economy.
Euro Manganese is dual listed on the TSX.V and the ASX, and is also traded on the OTCQX.
Authorized for release by the CEO of Euro Manganese Inc.
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