Euro Manganese Inc. (TSX-V and ASX: EMN; OTCQX: EUMNF; Frankfurt: E06) (the "Company") is pleased to announce a significant milestone in the development of its Chvaletice Manganese Project ("Chvaletice" or the "Project") in the Czech Republic. The Project has reached the formal appraisal stage for debt financing with the European Investment Bank ("EIB"), marking a pivotal step forward in securing the necessary funds to bring the high-purity battery-grade manganese plant to fruition.
Key Highlights of the Announcement:
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Significant Progress with the EIB: The Chvaletice Project's advancement to the formal appraisal stage for debt financing by the EIB represents a crucial milestone in the project's funding journey, underscoring the EIB's recognition of the project's potential to contribute significantly to the European battery supply chain.
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Strategic Importance of Chvaletice: As the European Union's ("EU") sole large manganese reserve, Chvaletice positions Euro Manganese as a premier supplier of local, recycled, ESG compliant high-purity manganese. This is essential for the burgeoning European electric vehicle (EV) market, highlighting the project's strategic importance.
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EU Recognition and Environmental Benefits: The EU has recognized Chvaletice as both a Strategic and Critical Raw Material source. The project is set to enhance EU resilience in battery materials and deliver substantial environmental benefits through the remediation of historical tailings.
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Supporting the Minerals Security Partnership (MSP): The EIB's debt financing aligns with the objectives of the MSP, an inter-governmental initiative that includes 13 countries and the EU. The MSP has endorsed the Chvaletice Project as a key initiative, further validating its significance on a global scale.
Dr. Matthew James, President & CEO of Euro Manganese, expressed his enthusiasm about the project's progress: “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.”
This announcement marks a significant step towards realizing the Chvaletice Manganese Project's full potential, reinforcing Euro Manganese's commitment to sustainability and its pivotal role in the global transition to electric mobility.
About us:
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.
Contact details:
Jane Morgan
