Chvaletice is a waste-to-value recycling and remediation opportunity involving reprocessing old tailings from a decommissioned mine.
Dual-listed Euro Manganese has signed definitive agreements with OMRF, which is managed by Orion Resource Partners Group, for $100-million in nondilutive financing to advance its Chvaletice manganese project, in the Czech Republic.
The funding is split in two $50-million components, comprising a loan and a royalty.
Euro Manganese president and CEO Matthew James describes the transaction as transformative, stating that the funding package facilitates the best possible pathway to a final investment decision.
“The non-dilutive, tranche structure minimises cost of funds and reduces future project financing requirements. This further validates the robust nature of the Chvaletice project and our team’s ability to deliver this strategic battery raw material project for Europe to the highest of standards,” he said.
Chvaletice is a 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.