Western Australia-based European Metals has received an offer from Krupa Global Investments (KGI) to purchase the Cinovec lithium deposit, which is located northwest of Prague.

Cinovec is the largest lithium deposit in Europe.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

According to the firm, it did not give consideration to this indicative offer because the letter from Krupa Global Investments did not detail price, terms or conditions.

KGI has released the letter to the Czech media, but European Metals stated that it did not have any discussion with KGI over the transaction.

This offer was made on behalf of the Ceske Lithium company, which is a member of the KGI Group in the Czech Republic.

European Metals, through its subsidiary Geomet s.r.o, has secured the control of the mineral exploration licenses awarded by the Czech state.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The Cinovec lithium-tin project was bought by European Metals in 2012. The minewas closed in 1993 and then rehabilitated seven years later.

In November 2018, European Metals began geotechnical studies and finished preliminary feasibility study. This indicated a post-tax net present value of $540m.

The project has an initial probable ore reserve of 34.5 million tonnes at 0.65% lithium oxide and 0.09% tin.

“The economic viability of Cinovec has been enhanced by the recent strong increase in demand for lithium globally.”

The mine is expected to have an annual production of 22,800t of lithium carbonate for the first 20 years.

The mine is situated in proximity to car manufacturers and lithium ion battery manufacturers, reported Australian Mining.

In an ASX statement, European Metals stated: “The economic viability of Cinovec has been enhanced by the recent strong increase in demand for lithium globally, and within Europe specifically.”