European Metals Holdings (ASX:EMH) reported that the European Commission declared the Cinovec lithium project in Czechia as a strategic project under the Critical Raw Materials Act, according to a Wednesday Australian bourse filing.
The status will allow for explicit support from European institutions, including financial institutions, and permitting for the project will be brought under an accelerated and simplified process and time limits.
Geomet, as the 100%-owner of the project, and the Czech government will now agree on a binding permitting schedule within the timeframes set by the act. European Metals Holdings holds a 49% stake in Geomet.
The definitive feasibility study for the project is expected to be completed by the middle of the year, and the environmental impact assessment is expected to be completed and submitted for approval by the year's end.
Its shares surged 103% in recent trade on Wednesday.
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