European Metals Holdings Ltd (AIM:EMH, ASX:EMH, OTCQX:EMHLF) chairman Keith Coughlan tells Proactive the company is to receive a €6 million investment from the European Bank for Reconstruction and Development (EBRD) to help fund the Cinovec Lithium Project in the Czech Republic.
Coughlan said it was a strong endorsement of Cinovec’s value and commitment to the highest environmental and social standards.
As part of its due diligence, EBRD engaged an independent, international mining consultancy to conduct a technical review of the Cinovec project. EBRD also performed a review of the project with respect to compliance with EBRD's Environmental and Social Policy.
“The EBRD investment aims to fund the project's predevelopment work and opens a pathway to potentially securing project financing," Coughlan said.
“The successful completion of the technical due diligence process is a testament to the quality of the Cinovec team.”
Cinovec is being developed by Geomet, a 51/49% joint venture between state-owned CEZ and EMH.
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