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.
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.
Cadence Minerals plc (LON:KDNC) provides mining services. The Company focuses on finding lithium and other technology minerals in new places, as well as offers extracting services. Cadence Minerals holds approximately 7.2% percent of the equity in European Metals Holdings.