Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Serbia and the European Commission signed a letter of intent on September 22 to initiate a strategic partnership in the areas of batteries and critical materials including lithium, Serbian research and media organization Demostat reported.
The article adds that the European Commission’s Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs (DG GROW) pointed out that Serbia is harmonizing its legislation with the European Union as a candidate for membership. It includes mining projects.
The commission also told the website that it favors the development of processing capacities at the extraction locations.
https://balkangreenenergynews.com/leaked-serbia-signs-lithium-exploitation-agreement-with-european-commission/
Further information of classification of Lithium by ECHA - still a lot of uncertainty: http://webcache.googleusercontent.com/search?q=cache:4rfU5JqOLscJ:https://www.endseurope.com/article/1844376/commission-door-open-critical-raw-material-concerns-waiting-reach&client=safari&sca_esv=574765094&hl=en&gl=uk&strip=1&vwsrc=0
The market is also looking for certainty on what the EU will come out with - lots in the air, including lithium's toxicity classification.
Interesting article written by the Czech former Minister of Industry and Trade - "Stolen lithium. Those who mocked suddenly come to life" - https://www-lidovky-cz.translate.goog/nazory/havlicek-ukradene-lithium-ti-kteri-se-vysmivali-najednou-ozivaji.A230907_150604_ln_nazory_rkj?_x_tr_sl=cs&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=wapp
Public outreach happening - https://sever-rozhlas-cz.translate.goog/prezentace-planovane-tezby-lithia-na-cinovci-vzbudila-v-dubi-velky-zajem-9067217?_x_tr_sl=cs&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=wapp
Those that want to crunch numbers can use this sheet: https://docs.google.com/spreadsheets/d/1oa0lU3qMthSZalALvaAJh8UQr5T3XAu3cmEboCrGXV4/edit#gid=638973067
This is the predicted fair value share price at the time of being fully funded and the permits have been given. i.e. at the point of final investment decision. When in production then use discounted cash flow as normal - share price will be higher.
Czech PM, Petr Fiala announces lithium as 1 of the 6 pillars of vision and strategy for the future of the country. "... we are working to start mining as soon as possible... 5% of global lithium reserves are located in Cinovec. ... success would be a huge boost for our economy."
https://twitter.com/CzechLithium/status/1697857757435842797
UK watchdog proposes not classifying key battery material as toxic: https://www.google.co.uk/search?q=UK+watchdog+proposes+not+classifying+key+battery+material+as+toxic&ie=UTF-8&oe=UTF-8&hl=en-gb
There are now over 600 comments to the article, here is am AI summary of the key sentiments expressed. This has changed my perception to CEZ ... I think they know the Czech people and cultural landscape and are managing this appropriately. A KC approach to shouting about it only risks Cinovec becoming the next Jadar.
- Concerns about environmental impacts, including destruction of nature, contamination of water, and long-term damage to the landscape. Many commenters feel mining will devastate the area.
- Distrust that the Czech state and people will benefit financially. Fears profits will go to foreign companies and tycoons, while regular citizens are left with environmental damage.
- Cynicism that it will be another corrupt "tunnel" project, where politicians and businesspeople pocket public money. Expectations it will be mismanaged or halted like other infrastructure projects.
- Debates over the economics and whether lithium demand will still be high when mining finally starts. Questions about the true profitability.
- Suggestions to fully nationalize the project under a state company to retain more profits, or employ prisoners as workers.
- Support from some commenters who see it as an economic opportunity for the struggling region and country, if properly managed.
- Complaints the government didn't sufficiently inform or include local residents who will be impacted.
- Criticisms of electric cars and doubts mining will benefit the Czech Republic. Arguments it should be left for future generations.
In summary, the prevailing sentiments are negative, distrustful and skeptical about the mining plans and prospects for Czech citizens. Concerns about environmental impacts and corruption feature prominently.
Worth skimming through some of the 500+ comments in this article to show what the public thinks about Cinovec - https://www.seznamzpravy.cz/diskuze/domaci-zivot-v-cesku-my-tu-horu-vykutame-jak-bude-vypadat-tezba-lithia-pod-cinovcem-235999
Jonesy - if CEZ are saying 800,000 cars, then at around 60kg of lithium per car (roughly 0.9-1kg mined and refined Li per kWh), this is equal to around 48,000 tonnes per year - i.e. double production of PFS
Evidence of the history of archeology and mining in Cínovec is presented by an exhibition called The Story of Cínovce. You can see it in the House of Porcelain with Blue Blood in Dubí, opposite the ceramics factory. The project, whose aim is, among other things, to present information about the importance and advantages of lithium mining, is organized by the City of Dubí in cooperation with the Regional Museum in Teplice and the company Geomet. In the Blue House, the exhibition will be available until September 6.
http://www.e-chomutovsko.cz/zpravy/chomutov/100121-foto-vystava-v-dubi-ma-mimo-jine-presvedcit-o-prinosu-tezby-lithia-na-cinovci
Bwhahaha!
Given that all sections of Prosperity have been completed, and this is reported at 23%, then I believe we should read this as 36 + 9 + 19 + 23 = 87% complete.
Bit of ESG progress reported yesterday: https://esg.socialsuitehq.com/mob-public-dashboard/european-metals-?report=1637305297946x302952839446447800
Governance:
Dec 22 - 17%
May 23 - 33%
Jul 23 - 36%
Planet:
Dec 22 - 2%
May 23 - 9%
Jul 23 - 9%
People:
Dec 22 - 0%
May 23 - 14%
Jul 23 - 19%
Prosperity:
Dec 22 - 7%
May 23 - 16%
Jul 23 - 23%
Portugal to scrap lithium mining project
Locals spent years fighting to halt the project, a cornerstone of Lisbon’s raw materials policy.
https://www.politico.eu/article/portugal-lithium-mining-project-scrap/
And this Jigar Shah interview: https://youtu.be/yt3pgx6WyJk?si=-lMfm-6uRJSbd2na
Agreed Fingers. Valuable background listening to Jigar Shah on how governmental involvement is very different from institutional involvement - EBRD commissioned their own third party review of the feasibility of the project: https://open.spotify.com/episode/7iMRsySPf6AKVU2BzFxRWH?si=OabCprZUSDW3bUqPA4jv6A
So perhaps a sale of 24%+ to CEZ, and the remainder to a royalty company
Jonesy - there is no strategic value in anyone owning EMH's 49% share, CEZ hold all the decision-making cards - so they are the most likely candidate to purchase all or some of EMH's shares (once commercial operations begin, if CEZ hold 75% or more shares then EMH would lose all influence over any decision).
The agreement between CEZ and EMH states that all or no shares should be sold to a third party, so it may become too expensive for anyone other than CEZ to purchase. Having said that, EMH's 49% is most attractive to royalty companies, e.g. Lithium Royalty Corp: https://www.lithiumroyaltycorp.com