Euro Manganese Inc. (TSX-V / ASX: EMN) has announced a successful capital raising and plans to proceed with a Demonstration Plant for its Chvaletice Manganese Project in the Czech Republic.
The dual listed company has raised A$12 million through a private placement, with the majority of the funds to be invested in Chvaletice and the Demonstration Plant.
The proposed Chvaletice Project entails re-processing a significant anthropogenic manganese deposit hosted in historic mine tailings, strategically located in the Czech Republic.
Euro’s goal is to become a leading, competitive and environmentally superior primary producer of Ultra-High-Purity Manganese Products in the heart of Europe, serving both the lithium-ion battery industry, as well as other high-technology applications.
Euro says the Demonstration Plant is a key element of its development strategy, allowing the company to build upon the successful past metallurgical test work and pilot plant testing, which products to date have met and in some cases exceeded the ultra-high purity manganese specifications required by the most demanding high-tech customers.
The Plant will be delivered via a fixed-price turnkey EPC contract, accelerating the Company’s supply chain qualification process with major parties within the European and global lithium-ion battery industry.
The company’s technical team has completed the basic design, engineering, planning and permitting of this high-purity electrolytic manganese metal (HPEMM) and high-purity manganese sulphate monohydrate (HPMSM) demonstration plant for the Project, so that it can produce multi-tonne, high- purity manganese finished product samples for customer testing.
The Plant design is a seven-times scale-up of the project’s successful pilot plant built in 2018. It is designed as a locked-cycle, semi-batch, manually operated system of eleven interconnected modules that can be utilized as a circuit or as stand-alone components.
The Plant will be located in two existing buildings adjacent to the Chvaletice tailings site and produce up to 100 kg/day of dry crystalline HPMSM made from approximately 32 kg of HPEMM.
Funds from the private placement will go towards the purchase, installation and operation of the Demonstration Plant, advancing the Project’s permitting and feasibility study, and for general corporate purposes.
President and CEO, Marco Romero, said the issue was oversubscribed and received strong support from both new and existing shareholders, including a number of new institutional and specialist resources investment funds.
We are very pleased to see such strong investor interest in this equity offering,” Mr Romero said.
“It will provide us the capital to accelerate progress at our Chvaletice Manganese Project and will allow us to push ahead with the project permitting, the feasibility study, and to initiate the testing phase of the supply chain qualification of our high-purity manganese products. We will place the order for our demonstration plant immediately.”
