Ivanhoe’s Kipushi zinc mine in the DRC officially reopens
The restart marked exactly a century since the mine first went into production.
Euro Manganese (TSXV, ASX: EMN) announced on Tuesday that it has signed definitive agreements with Orion Resource Partners Group for $100 million financing to advance the development of the Chvaletice project in the Czech Republic.
The funding is split into two $50 million components: a $50 million loan facility, convertible into a 1.29-1.65% royalty on project revenues and another $50 million in exchange for a 1.93-2.47% royalty on project revenues following a final investment decision by the company’s board of directors and other conditions typical for this type of financing.
The Chvaletice project in the Czech Republic is the only sizeable, classified resource of manganese in the European Union. The project entails re-processing manganese deposits contained in waste (tailings) from a decommissioned mine that operated between 1951 and 1975.
Euro Manganese plans to convert the carbonate to high-purity manganese metal and sulphate and send them to its planned processing facility in Quebec, where they will be converted into a liquid sulphate. The site is adjacent to two proposed cathode plants, allowing the liquid sulphate to be piped directly into the cathode production processes.
Shares of Euro Manganese surged 71% by 12:10 p.m. EDT in Toronto. The company has a market capitalization of C$64 million ($47 million).
