Euro Manganese Inc. (ASX: EMN) has appointed its financial adviser, Bacchus Capital Advisers, to secure a strategic partner to assist with the development of the Chvaletice Manganese Project in the Czech Republic.
President and CEO, Marco Romero, said the company has already received expressions of interest from various parties to partner in the development of the globally significant waste recycling project.
He also confirmed that while it has received initial approaches from certain parties, it is not in receipt of any binding offer at this time.
As a result, the company’s board of director believes that it is in the best interest of all of stakeholders to launch a formal global partner search to find an optimal ownership and/or capital structure that can support the advancement of this important European project.
The Chvaletice Manganese Project represents a sizeable, globally significant, and advanced stage development opportunity that is expected to sustainably and competitively deliver battery-grade, high- purity manganese products.
This Project is highly strategic due to its well-connected location in the heart of Europe’s fast-growing electric vehicle and battery production supply chain. Chvaletice stands to become Europe’s only primary producer of high-purity manganese products. Development of this resource is expected to have a significant positive impact on the future of European sustainable battery manufacturing.
EMN and BCA will evaluate all available options for the advancement and development of the Project, to deliver maximum value of this strategic asset for the company’s shareholders.
The company confirmed that while it has received initial approaches from certain parties, it is not in receipt of any binding offer at this time.
The Chvaletice Manganese Project will recycle historic mine tailings that host Europe’s largest manganese deposit and result in an environmental remediation of this site.
The European Union is emerging as a major electric vehicle and battery manufacturing hub.
