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(Alliance News) - European Metals Holdings Ltd on Friday said its subsidiary Geomet SRO has agreed to buy land at the industrial site Dukla in the Ujezdecek municipality in Czechia.
European Metals Holdings, an England-based mineral exploration and development company, said the land is 6.2 kilometres south of the planned Cinovec mine portal area.
The USD44.0 million acquisition "secures an integral part of the Cinovec project", European Metals Executive Chair Keith Coughlan said. Geomet fully owns the Cinovec project. European Metals owns a 49% stake in Geomet.
The Dukla site has an existing industrial usage permit and is owned by four private companies.
European Metals is currently undertaking a definitive feasibility study at the site, which it expects to complete in the final quarter of 2023.
European Metals shares were 0.3% higher at 39.13 pence each in London on Friday morning.
By Tom Budszus, Alliance News reporter
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