Cadence Minerals PLC European Metals Announcement: Just Transition Fund (2799O)
January 30 2023 - 6:47AM
UK Regulatory
TIDMKDNC
RNS Number : 2799O
Cadence Minerals PLC
30 January 2023
Cadence Minerals Plc
("Cadence Minerals", "Cadence", or "the Company")
European Metals Announcement: Just Transition Fund Approves
Cinovec Project
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
the announcement by European Metals Holdings Limited (ASX &
AIM: EMH, OTCQX: EMHXY, ERPNF and EMHLF) that the Cinovec Project
has been classified as a Strategic Project for the Usti Region of
the Czech Republic. The list of Strategic Projects has been
approved by the European Commission, the Czech Central Government
and the Czech Regional Goverment in Usti. Being classified as such
means that the Cinovec Project has priority for grant funding from
the Just Transition Fund ("JTF") co-funding, ahead of many other
projects that have been submitted.
The total amount allocated by the Just Transition fund for the
Czech Republic is CZK 41B (EUR1.64B) of which the Usti region has
been allocated CZK 15.8B (approx. EUR632M).
The first call for grant applications under the JTF opened on 14
November 2022 and closes on 31 December 2023.
Given the total amount which may be applied for by the eleven
designated Strategic Projects in the Usti region in the first call
is CZK 8.3B (approx EUR350M) and that the funds allocated in this
first call from the Just Transition Fund to these Strategic
Projects totals CZK7.3B (approx EUR300M), although there can be no
certainty, the Company is confident that Cinovec will receive a
significant portion of the funds applied for from the JTF for the
Project.
The maximum funding to be made available upon application to
each Strategic Project in the Usti Region is CZK 1.2bn (approx
EUR49M). The Cinovec Project has been allocated the maximum
possible JTF grant of CZK 1.2B (approx EUR49M), subject to passing
through the application process, funds remaining available and
obtaining the necessary permits for the early-stage Cinovec work
programmes to which this grant funding is planned to be applied to,
in particular the early full development of the twin decline
entry/egress system for the mine.
Accordingly, *Geomet s.r.o (the Cinovec project company) will
apply for JTF Grant funding for the maximum amount of CZK 1.2B
(approx EUR49M).
EMH Executive Chairman Keith Coughlan said:
"I am very pleased that the European Union via the Just
Transition Fund has approved the Cinovec Project as a Strategic
Project for the Usti Region of the Czech Republic. This approval
provides further evidence of strong support from the Czech
Government and the European Union and the Europe-wide recognition
of the critical part which the Cinovec Project will play in
enabling the EU to reach its stated goals of lithium
self-sufficiency by 2030."
"The proposed grants from the Just Transition Fund could play an
important part in accelerating the development of the Cinovec
Project. For example, the initial entry into the deposit via twin
declines and ancillary road network at the proposed Dukla site are
likely to be early-stage beneficiaries of this funding. This could
reduce the time until first ore is produced by the Cinovec Project
post final investment decision. As the funding is in the form of a
non-repayable grant this could also have the additional benefit of
not diluting the existing shareholders of the Company."
"European Metals is well positioned for the rising demand in
battery materials, developing the Cinovec project, the largest hard
rock lithium project in the EU, which is centrally located on the
Czech Republic's border with Germany. The project possesses
excellent ESG credentials which will enable the production of
battery grade lithium hydroxide and carbonate with potentially one
of the lowest CO(2) emissions, globally."
Link here to view the full EMH announcement
*Geomet s.r.o. controls the mineral exploration licenses awarded
by the Czech State over the Cinovec Lithium/Tin Project. Geomet has
been granted a preliminary mining permit by the Ministry of
Environment and the Ministry of Industry. The company is owned 49%
by EMH and 51% by CEZ a.s. through its wholly owned subsidiary,
SDAS. Headquartered in the Czech Republic, CEZ a.s. is an
established, integrated energy group with operations in a number of
Central and South-eastern European countries and Turkey.
Cadence Minerals holds approximately 7.2% percent of the equity
in European Metals Holdings.
For further information
contact:
Cadence Minerals plc +44 (0) 20 3582 6636
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD
& Broker) +44 (0) 207 220 1666
James Joyce
Darshan Patel
- Ends -
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the
information contained in this announcement. Kiran holds a Bachelor
of Engineering (Industrial Geology) from the Camborne School of
Mines and an MBA (Finance) from CASS Business School.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to
be forward-looking statements. Forward-looking statements are
identi ed by their use of terms and phrases such as "believe"
"could" "should" "envisage" "estimate" "intend" "may" "plan" "will"
or the negative of those variations or comparable expressions
including references to assumptions. These forward-looking
statements are not based on historical facts but rather on the
Directors' current expectations and assumptions regarding the
Company's future growth results of operations performance future
capital and other expenditures (including the amount. nature and
sources of funding thereof) competitive advantages business
prospects and opportunities. Such forward-looking statements re ect
the Directors' current beliefs and assumptions and are based on
information currently available to the Directors. Many factors
could cause actual results to differ materially from the results
discussed in the forward-looking statements including risks
associated with vulnerability to general economic and business
conditions competition environmental and other regulatory changes
actions by governmental authorities the availability of capital
markets reliance on key personnel uninsured and underinsured losses
and other factors many of which are beyond the control of the
Company. Although any forward-looking statements contained in this
announcement are based upon what the Directors believe to be
reasonable assumptions. The Company cannot assure investors that
actual results will be consistent with such forward-looking
statements.
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