Euro Manganese Submits Application for Strategic Project Status under EU’s Critical Raw Materials Act
Rhea-AI Summary
Euro Manganese has submitted an application to designate its Chvaletice Manganese Project as a Strategic Project under the EU's Critical Raw Materials Act (CRMA). The CRMA, effective since May 2024, aims to ensure the availability of essential raw materials for Europe's economy and green transition. High-purity manganese is listed as a strategic raw material under the CRMA.
Benefits of gaining Strategic Project status include potential access to financing from various private and public sources and streamlined permitting processes. The European Commission is expected to announce the first list of Strategic Projects in December 2024. This application marks a significant milestone for Euro Manganese, potentially strengthening its role in the EU's raw materials value chain and accelerating its path to becoming the only integrated European producer of high-purity manganese for the battery supply chain.
Positive
- Application submitted for Strategic Project status under EU's Critical Raw Materials Act
- Potential access to financing from various private and public sources if status is granted
- Streamlined permitting processes with set deadlines if Strategic Project status is achieved
- High-purity manganese (battery grade) defined as a strategic raw material in the CRMA
Negative
- Strategic Project status not yet granted, pending European Commission decision in December 2024
News Market Reaction 1 Alert
On the day this news was published, EUMNF declined 80.26%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
HIGHLIGHTS
- Submitted application to designate Chvaletice Manganese Project as a Strategic Project under the EU’s Critical Raw Materials Act (CRMA)
- CRMA is designed to sustainably ensure availability of essential raw materials for Europe’s economy and green transition
- Benefits of gaining Strategic Project status include potential access to financing from numerous private and public sources as well as ensuring permitting processes proceed
- European Commission is expected to announce first list of Strategic Projects in December 2024
VANCOUVER, British Columbia, Aug. 28, 2024 (GLOBE NEWSWIRE) -- Euro Manganese Inc. (TSX-V and ASX: EMN; OTCQB: EUMNF; Frankfurt: E06) (the "Company" or "EMN") today announced that the Company has submitted an application to designate the Chvaletice Manganese Project (the "Chvaletice Project" or the "Project") as a Strategic Project under the European Union’s Critical Raw Materials Act (“CRMA”).
The CRMA, which took effect in May 2024, is designed to sustainably ensure the availability of raw materials that are essential and strategic for Europe's economy and green transition. The CRMA lists more than 30 raw materials and defines high-purity manganese (battery grade) as a strategic raw material, and manganese as a critical raw material. The European Commission is expected to announce the first list of Strategic Projects in December 2024.
The benefits of gaining Strategic Project status include potential access to financing from numerous private and public sources such as national banks, EU institutions, regional and national funding authorities, and private financial institutions. Additionally, Strategic Project status ensures that permitting processes proceed according to the deadlines set in the CRMA, decreasing the scheduling risk related to permitting.
Dr. Matthew James, President & CEO of Euro Manganese, commented:
“Submitting our application for Strategic Project status under the CRMA for the Chvaletice Project is a significant milestone for Euro Manganese. Achieving Strategic Project designation would strengthen our role in the EU’s raw materials value chain, enable access to government-backed funding, facilitate collaboration with EU institutions, and accelerate permitting. Today’s announcement underscores our commitment to becoming the only integrated European producer of high-purity manganese for the battery supply chain.”
About Euro Manganese
Euro Manganese is a battery materials company focused on becoming a leading producer of high-purity manganese for the electric vehicle industry. The Company is advancing development of the Chvaletice Manganese Project in the Czech Republic and exploring an early-stage opportunity to produce battery-grade manganese products in Bécancour, Québec.
The Chvaletice Project is a unique waste-to-value recycling and remediation opportunity involving reprocessing old tailings from a decommissioned mine. It is also the only sizable resource of manganese in the European Union, strategically positioning the Company to provide battery supply chains with critical raw materials to support the global shift to a circular, low-carbon economy.
Authorized for release by the CEO of Euro Manganese Inc.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) or the ASX accepts responsibility for the adequacy or accuracy of this release.
Enquiries
| Dr. Matthew James President & CEO mjames@mn25.ca | LodeRock Advisors Neil Weber Investor and Media Relations – North America +1 (647) 222-0574 neil.weber@loderockadvisors.com |
| Jane Morgan Management Jane Morgan Investor and Media Relations - Australia +61 (0) 405 555 618 jm@janemorganmanagement.com.au | |
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Forward-Looking Statements
Certain statements in this news release constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, its Chvaletice Manganese Project, its other growth strategies, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as “may”, “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”, “anticipate”, “estimate”, “scheduled”, “forecast”, “predict” and other similar terminology, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
Such forward-looking information or statements include, but are not limited to, statements regarding the Company’s intentions regarding the development of the Chvaletice Project in the Czech Republic, the ability and timing to obtain strategic project status under the CRMA and any associated benefits including to strengthen the Company’s role in the EU’s raw materials value chain, enable access to government-backed funding, facilitate collaboration with EU institutions, and accelerate permitting.
These forward-looking statements are based on management’s current expectations and beliefs, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. Factors that could cause actual results or events to differ materially from current expectations include, among other things: insufficient working capital; the inability to raise additional capital; inability to obtain grants, subsidies, or funding from government or other programs; developments in the EV markets and chemistries; and changes in laws or regulations by various governmental agencies.
For a further discussion of risks relevant to the Company, see "Risk Factors" in the Company's annual information form for the period ended September 30, 2023, available on the Company's SEDAR+ profile at www.sedarplus.ca. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.
FAQ
What is the significance of Euro Manganese's application for Strategic Project status under the CRMA?
When is the European Commission expected to announce the first list of Strategic Projects under the CRMA?
What are the potential benefits for Euro Manganese (EUMNF) if it achieves Strategic Project status?
How is high-purity manganese classified under the EU's Critical Raw Materials Act?
