The Euro Manganese Inc CDI (ASX: EMN) share price is cruising higher today. This comes after the company's announcement of new support.
Shares in the manganese miner are currently trading strongly. At the time of writing, the Euro Manganese share price has risen to 69 cents. Therefore, since last nights close, the share price has gained an impressive 11.3%.
European Support
Shares in the Canadian based miner are on a tear today as the company announced a new agreement.
The company and its Czech Republic subsidiary gained the support of EIT InnoEnergy. EIT is a knowledge and innovation community supported by the European Commission. It will provide financial support to Euro Maganese. In addition, it will provide its extensive European network. Thus, aiding the successful integration of Euro Manganese into the EU's battery supply chain.
Furthermore, the company will assist Euro Manganese in securing off-take agreements with consumers of manganese products. This includes European electric vehicle batteries and cathode manufacturers.
Furthermore, as part of the deal, EIT will provide 250,000 Euros in equity investment. The sum will be funded in three rounds over the next twelve months. Shares will be equal to the amount of funding and be issued to EIT upon receipt of each tranche.
Euro Manganese Management Comments
CEO, Marco Romero, spoke about the deal saying:
The Chvaletice Project is Europe's largest manganese resource and we plan to develop it using clean, commercially proven and state-of-the-art technology. We are grateful to have enlisted the support of EIT InnoEnergy and look forward to working with them to bring our project to fruition. By recycling the Chvaletice tailings, our Czech subsidiary, Mangan Chvaletice, will be providing Europe with high-purity manganese products that meet or exceed the EU and Czech Republic's stringent environmental standards.
About the Chvaletice Manganese Project
Euro Manganese claims that its Chvaletice project is the only sizeable manganese resource in the European Union. Consequently, the project has the potential to provide up to 50% of the projected 2025 European demand for manganese.
Moreover, unlike many other mining projects, it will also bring environmental and social benefits. This is as a result of the use of polluted water being utilised in the conversion process. Long term jobs will also be created in the region of the Czech Republic where the mine will be located.
