Albemarle loses more than $1 billion on falling lithium prices
The results underscore the supply glut engulfing the entire lithium industry amid oversupply from China.
Czech utility CEZ will move forward in developing the Cinovec lithium project with European Metals Holding (EMH) and will take a stake in the EMH subsidiary running the project, the companies said on Friday.
CEZ said the second phase of the project involved technical matters and testing, not the start of mining. As part of the deal, CEZ will take a 51% stake in EMH unit Geomet for 29.1 million euros ($32.14 million), a slightly lower amount than conditionally agreed last year.
EMH, which has said Cinovec in the Czech Republic is the largest lithium deposit in Europe, also said CEZ had the option to withdraw from the project after certain steps.
($1 = 0.9056 euros)
(By Jason Hovet; Editing by Mark Potter)
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