Why the Euro Manganese (ASX:EMN) share price is soaring today

The Euro Manganese share price is flying higher today as the company announced a new partnership. We take a closer look.

| More on:
CSR share price rising asx share price represented my man in hard hat giving thumbs up

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

Motley Fool contributor Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

Share Market News

Why Calix, Collins Foods, Myer, and Patriot Battery Metals shares are charging higher

The S&P/ASX 200 Index (ASX: XJO) is back on form and charging higher on Tuesday. In afternoon trade, the benchmark index…

Read more »

Man in yellow hard hat looks through binoculars as man in white hard hat stands behind him and points.

Are Fortescue shares a contrarian buy after falling 20% in a month?

Are investors putting too much weight on the jitters of the market or is the Fortescue fall fair?

Read more »

A young woman wearing a blue and white striped t-shirt blows air from her cheeks and looks up and to the side in a sign of disappointment after the ASX shares she owns went down today
Share Fallers

Why DroneShield, Paladin Energy, Red 5, and Synlait shares are falling

These shares are having a tough time on Tuesday. But why?

Read more »

Man raising both his arms in the air with a piggy bank on his lap, symbolising a record high.
Bank Shares

Nine-year highs: NAB share price glides to highest level since 2015!

The bank has notched up another inflection point today.

Read more »

ANZ ASX 200 banks capital return Group of investors madly grabbing for cash on city street.
Healthcare Shares

ResMed shares rebounding as investors rush to buy the dip

ResMed is rising as ASX investors buy the dip following yesterday's 13% share price dive.

Read more »

A woman screams and holds her hands up in frustration.
Share Market News

Why is short interest in Sayona Mining shares growing?

Why won't short sellers leave this lithium miner alone?

Read more »

A woman in a bright yellow jumper looks happily at her yellow piggy bank representing bank dividends and in particular the CBA dividend
Bank Shares

CBA shares hit another new high! Too late to buy?

At today's new record price, CBA's market capitalisation is just $1 billion short of the ASX 200's most valuable stock,…

Read more »

A group of stockbrokers sit in a room with several computer screens in front of them as they discuss the Zip share price and Zip's merger with Sezzle
Broker Notes

Why these 3 ASX 200 shares just gained significant broker upgrades

The brokers just boosted their outlooks for these ASX 200 shares. But why?

Read more »