European Metals Holdings Ltd on Tuesday said the Cinovec project on the Czech-German border has been declared to be a strategic project by the European Commission.

The Czech Republic-focused mineral exploration and development company said the designation was under the recently implemented Critical Raw Materials act.

European Metals shares shot up 56% to 13.40 pence each on Tuesday afternoon in London.

The declaration confirms the importance of Cinovec in supplying battery-grade lithium chemicals to the European battery supply chain.

According to European Metals, Cinovec hosts the largest lithium resource in Europe, and one of the largest undeveloped tin resources in the world.

With the declaration, permitting will be sped up amid a simplified process, and time limits set out within the Critical Raw Minerals act.

On March 7, European Metals celebrated that the Cinovec project had been declared ‘a strategic deposit’ by the Czech government.

European Metals Executive Chair Keith Coughlan said: ‘The recognition by the European Commission of the importance of the Cinovec project is a significant milestone in the development of the Project. We recently announced the formal declaration of Cinovec as a strategic deposit by the Czech government and this escalating formal support for the project provides greater confidence in the future permitting and financing. In short, it brings the production of battery grade lithium chemicals from Cinovec one big step closer to fruition.’

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