New deal for #EGT29 Apr 2024 08:35
European Green Transition (AIM:EGT) has signed an exclusive option agreement to acquire a copper tailings recycling project at Limni in Cyprus.
The Limni Project perfectly fits their aim to pursue what they believe are high quality opportunities where they can potentially generate near term cash flow efficiently. They have seen a strong interest in copper with increased M&A activity, particularly in the London market. In light of shortages and rising prices for the metal, they believe this project is well placed to benefit from Europe’s green energy transition.
In addition to the copper tailings recycling project, there looks an excellent opportunity to develop a second revenue stream at the site by developing a solar power facility there. Around 80% of Cyprus’ energy supply is currently based on fossil fuels, providing an opening to develop and operate a domestic, renewable energy source, and with the high level of solar radiation across Cyprus, a solar project is a perfect fit. It is EGT’s intention that the funding of any such facility would be funded entirely by an existing solar power provider with the potential for EGT to receive an annual long-term revenue stream from the solar power operator.
This is very exciting news for EGT, and it is an example of the company’s strategy in action, broadening focus and expanding their scope to access green economy projects in Europe. The Limni Project perfectly fits their aim to pursue what they believe are high quality opportunities where they can potentially generate near term cash flow efficiently, while also prioritising the environment and the local community.