EU gives $36M boost to Czech Cinovec lithium project
The European Union has to advance the Cinovec lithium project in the Czech Republic, a key part of the bloc鈥檚 clean energy strategy.
European Metals Holdings (EMH), the project’s majority shareholder, announced that the funding will come from the EU鈥檚 Just Transition Fund and will be overseen by the Czech Ministry of Environment.
The funds are contingent on the project’s environmental impact assessment (EIA), which must be submitted and approved by the Czech environment ministry by year-end.
EMH said the grant will help accelerate development and potentially increase the project鈥檚 annual lithium production by unlocking economies of scale. Executive chairman Keith Coughlan said the financing would allow the company to 鈥渇ast-track a number of critical path items鈥 as the project moves toward construction.
Cinovec, located in the Krusn茅 Hory Mountains near the German border, is the largest hard rock lithium resource in the European Union. It was declared a Strategic Project under the EU Critical Raw Materials Act in March and also recognized as a Strategic Deposit by the Czech government. These designations are expected to streamline permitting and secure support from EU institutions.
EMH has appointed engineering firm DRA Global Limited to complete a definitive feasibility study by the end of 2025. If environmental approval is granted, construction permits could follow within 24 months.
Separetely, EMH , showing a cash balance of A$4.3 million and no debt as of the end of the first quarter.
Cinovec remains central to Europe鈥檚 strategy to secure domestic sources of critical raw materials, particularly lithium, which is vital for electric vehicle batteries and renewable energy storage.
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