Cadence Minerals plc noted that its investee company’s joint venture (JV) Cinovec lithium project could receive up to £43 million funding after being classified as a strategic project for the Usti region of the Czech Republic.
PRIORITY
The JV is between CEZ a.s. and Australian company European Metals Holdings in which Cadence owns approximately 7.2%.
The European Commission, the Czech Central Government and the Czech Regional Goverment in Usti approved the project’s inclusion on the list of strategic projects.
“Being classified as such means that the Cinovec project has priority for grant funding from the Just Transition Fund (JTF) co-funding, ahead of many other projects that have been submitted,” said Cadence.
The JTF has allocated to the Czech Republic a total of CZK41 billion (€1.64bn / £1.4bn) of which the Usti region has CZK15.8bn (€632 million / £556m).
The Cinovec project has been allocated the maximum possible JTF grant of CZK 1.2B (€49m / £43m), subject to approval of its application and regulatory permits.