MINEX Forum

Region: Europe

  • Anglo American and Finnish Minerals Group will explore opportunities to further support Finland’s battery strategy

    Anglo American and Finnish Minerals Group will explore opportunities to further support Finland’s battery strategy

    Finnish Minerals Group is a holding and development company that manages the Finnish Government’s mining industry shareholdings and supports the development of the Finnish battery value chain.

    Alison Atkinson, Projects & Development Director at Anglo American, said: “Finland is a highly attractive investment destination and has a strong heritage in both mining and innovation. We look forward to working with Finnish Minerals Group, whose mission is to responsibly maximise the value of Finnish minerals, to explore the wealth of opportunities that our agreement could offer.

    “This agreement further strengthens our commitment to Finland as well as to our Sakatti project, a true polymetallic orebody very much aligned to Finland’s and the EU’s critical minerals priorities. Sakatti is designed as the next generation of FutureSmart MiningTM, building on what we have learned in terms of minimal surface footprint and using technology and innovation to deliver ever-better environmental and social outcomes, whilst producing essential raw materials needed to transition to a greener, low-carbon energy future.”

    Finland provides a stable and secure source of many of the metals and minerals needed for the world to decarbonise. With an increasing number of countries prioritising sustainable access to responsibly sourced critical raw materials, Finland is well-positioned in terms of its natural resources and the country’s investment across the entire battery value chain, from mineral extraction to recycling.

    Jani Kiuru, Senior Vice President of raw Materials at Finnish Minerals Group, added: “Exploring joint opportunities with Anglo-American is a natural choice for us as they already know the Finnish operational environment. In addition, the company has a long history in mining and is a forerunner in sustainability. We believe this collaboration reinforces both parties by combining local and global know-how in sustainability and technological development, thus maximising the value of Finnish minerals responsibly. We see there is a mutual understanding of the vast possibilities and importance of Finnish minerals for the green transition.”

  • Scotland-based Gravitricity company is using the Pyhäjärvi mine to build its first full-scale prototype gravity energy store

    Scotland-based Gravitricity company is using the Pyhäjärvi mine to build its first full-scale prototype gravity energy store

    One of Europe’s deepest mines is being transformed into an underground energy store. It will use gravity to retain excess power when it is needed.

    The remote Finnish community of Pyhäjärvi is 450 kilometres north of Helsinki. Its more than 1,400-metre-deep zinc and copper Pyhäsalmi mine was decommissioned but is now being given a new lease of life by Scotland-based company Gravitricity.

    The firm has developed an energy storage system that raises and lowers weights, offering what it says are “some of the best characteristics of lithium-ion batteries and pumped hydro storage”.

    How does the gravity battery work?

    When there is excess power – from wind turbines on a windy day for example – weights would be winched up the Pyhäsalmi mine’s 530-metre auxiliary shaft. To generate energy these weights can be released. This turns the winches into generators, creating either a short burst of electricity or a slower trickle depending on what is needed.

    The gravity energy system would be able to store 2MW of power and integrate it into the local energy grid.

    A study published by a team of international researchers last month found that gravity batteries in decommissioned mines could offer a cost-effective, long-term solution for storing energy as the world transitions to renewable power.

    Scientists from the International Institute for Applied Systems Analysis (IIASA) found that the world’s abandoned mine shafts could store up to 70TWh of power – roughly the equivalent of global daily electricity consumption.

    Bringing ‘low carbon’ jobs to a mining community

    The local community in Pyhäjärvi has set up a development company to promote regeneration at the old mine. It has just signed an agreement with Gravitricity to transform the old mine shaft into the first full-scale prototype of the company’s technology.

    They “anticipate this could become Europe’s first Gravistore deployment”, according to the company.

    “This project will demonstrate at full scale how our technology can offer reliable long-life energy storage that can capture and store energy during periods of low demand and release it rapidly when required,” Gravitricity’s executive chairman Martin Wright said.

    “This full-scale project will provide a pathway to other commercial projects and allow our solution to be embedded into mine decommissioning activities, offering a potential future for mines approaching the end of their original service life.”

    Wright also adds that the project will hopefully provide “low carbon jobs” in an area suffering significantly from the end of mining operations.

    The mine was opened in 1962, extracting more than 60 million tonnes of ore over its lifetime. Once a major employer in the region, it closed in August 2022 leaving many unemployed.

    The gravity battery is one of several community-driven projects at the mine aimed at breathing new life into the area. It includes a solar farm, tech startups and an underground 5G network.

  • This disused mine in Finland is being turned into a gravity battery to store renewable energy

    This disused mine in Finland is being turned into a gravity battery to store renewable energy

    One of Europe’s deepest mines is being transformed into an underground energy store. It will use gravity to retain excess power for when it is needed.

    The remote Finnish community of Pyhäjärvi is 450 kilometres north of Helsinki. Its more than 1,400-metre-deep zinc and copper Pyhäsalmi mine was decommissioned but is now being given a new lease of life by Scotland-based company Gravitricity.

    The firm has developed an energy storage system that raises and lowers weights, offering what it says are “some of the best characteristics of lithium-ion batteries and pumped hydro storage”.

    How does the gravity battery work?

    When there is excess power – from wind turbines on a windy day for example – weights would be winched up the Pyhäsalmi mine’s 530-metre auxiliary shaft. To generate energy these weights can be released. This turns the winches into generators, creating either a short burst of electricity or a slower trickle depending on what is needed.

    The gravity energy system would be able to store 2MW of power and integrate into the local energy grid.

    A study published by a team of international researchers last month found that gravity batteries in decommissioned mines could offer a cost-effective, long-term solution for storing energy as the world transitions to renewable power.

    Scientists from the International Institute for Applied Systems Analysis (IIASA) found that the world’s abandoned mine shafts could store up to 70TWh of power – roughly the equivalent of global daily electricity consumption.

    Bringing ‘low carbon’ jobs to a mining community

    The local community in Pyhäjärvi has set up a development company to promote regeneration at the old mine. It has just signed an agreement with Gravitricity to transform the old mine shaft into the first full-scale prototype of the company’s technology.

    They “anticipate this could become Europe’s first Gravistore deployment”, according to the company.

    “This project will demonstrate at full scale how our technology can offer reliable long-life energy storage that can capture and store energy during periods of low demand and release it rapidly when required,” Gravitricity’s executive chairman Martin Wright said.

    “This full-scale project will provide a pathway to other commercial projects and allow our solution to be embedded into mine decommissioning activities, offering a potential future for mines approaching the end of their original service life.”

    Wright also adds that the project will hopefully provide “low carbon jobs” in an area suffering significantly from the end of mining operations.

    The mine was opened in 1962, extracting more than 60 million tonnes of ore over its lifetime. Once a major employer in the region, it closed in August 2022 leaving many unemployed.

    The gravity battery is one of several community-driven projects at the mine aimed at breathing new life into the area. It includes a solar farm, tech startups and an underground 5G network.

  • Over €4 billion secured for European battery production

    Over €4 billion secured for European battery production

    ACC has taken out a loan of 4.4 billion euros, increasing the funding for the construction of three gigafactories for lithium-ion battery cell production in France, Germany, and Italy, and for R&D. Shareholders Stellantis, Total, and Mercedes-Benz will also inject additional capital, leading to a change in ownership structure. 

    Automotive Cells Company says the €4.4 billion secured is “one of Europe’s largest-ever debt raisings in this industry” to develop four “blocks of production” in addition to the one in operation in Billy-Berclau/Douvrin in France. ACC will reportedly build a second block in Douvrin and plans another in the German town of Kaiserslautern and another in Italy in Termoli.

    By 2030, the joint venture of Stellantis, Total, and, since September 2021, Mercedes-Benz will aim for total battery cell capacities of at least 120 GWh. The Termoli plant will have a capacity of 40 GWh, while ACC is working towards upgrading the French and German sites to 40 GWh each to complete the bill.

    The current production capacity at Douvrin is set at more than 13 GWh per year and is due to be completed by the end of 2024. With five of these blocks, ACC would have an annual capacity of 65 GWh; thus the previously announced expansion with additional production blocks.

    The debt package will contribute to financing these capacities and is fully underwritten by a consortium of commercial banks, BNP Paribas, Deutsche Bank, ING, Intesa Sanpaolo, and supported by Bpifrance, Euler Hermes, and SACE.

    Stellantis, Mercedes-Benz and Total subsidiary Saft also participated in a capital increase (of undisclosed value). By the end of March 2024 and with the subsequent capital injection, Stellantis will own 45% of ACC’s shares, Mercedes-Benz 30% and Saft 25%.

    Both carmakers behold, this confirmed their “commitment as leading shareholders and customers of ACC’s battery modules”. Saft will continue working with ACC as a long-term shareholder and for technological know-how.

    Commenting on the loan, Yann Vincent, CEO of ACC, said this was “clear evidence of the confidence that is placed in the ACC project. Beyond this operation, we will determine our needs as and when we conclude additional contracts.”

    ACC was created by Total and Stellantis in 2020, with Mercedes joining one year later. Apart from the Gigafactory in France, ACC also runs an R&D center operational since 2020 in Bruges, near Bordeaux, and an Industrial Excellence Center in Nersac, in the New Aquitaine region. The company employs more than 1,500 people in France, Germany, and Italy. It also has received support from all three states and the European Union.

  • Velocity Minerals Provides Update for the Zlatusha Copper-Gold Project in Bulgaria

    Velocity Minerals Provides Update for the Zlatusha Copper-Gold Project in Bulgaria

    Vancouver, British Columbia – Velocity Minerals Ltd. (TSX.V: VLC, OTCQB: VLCJF) (“Velocity” or the “Company”) provides an update on the ongoing exploration program at the Zlatusha copper-gold project (“Zlatusha” or the “Project”), located in the prolific Tethyan Belt that has potential for epithermal, porphyry, and skarn deposit discoveries. Phase I drill testing is planned for Q2 2024, with an initial 3,000m of diamond drilling to test priority copper-gold target areas.

    2023 Highlights and Project Background

    Exploration completed in 2023 includes detailed mapping over priority targets, 1,800 soil samples, 660 rock samples, a 4,500-station ground radiometric survey, and a property-wide 2,400 line-km drone magnetic survey. The magnetic survey (Figure 1) has been key in identifying target areas for follow-up with detailed mapping, and geochemistry.

    The Company has compiled a technical presentation summarizing the Zlatusha exploration project, which can be downloaded here. This document provides an in-depth view of the exploration progress of the Project, as well as details on methodologies and future plans, offering a clear overview for investors and stakeholders.

    The Zlatusha Property is located within a Tier One porphyry copper-gold and epithermal belt, which transects Serbia and Bulgaria. The local geology is similar to the Timok Magmatic complex, which is located 95 km to the northwest of Serbia (hosting the world-class Bor, Majdanpek and Cukaru Peki copper-gold deposits). The Panagyurishte Orefield, located 65 km to the east in Bulgaria hosts operating copper-gold mines such as Chelopech, Elatsite and Asarel.Approximately 5km southwest of Zlatusha, the Milin Kamuk gold mine is under construction. No modern systematic exploration has been carried out and the Company considers the Property to be prospective for the discovery of these deposit types. In particular, the recent discovery of the high-grade Coka Rakita gold skarn deposit by Dundee Precious Metals has renewed interest in deposits of this type within the Tethyan Belt that have been historically overlooked.

    2024 Outlook

    Building on 2023’s successful exploration program, Velocity will initiate a 3,000m diamond core drilling program in Q2. Drill target definition and prioritization is ongoing and an update will be provided to shareholders before the commencement of the drill program.

    Quality Assurance / Quality Control

    The work program at Zlatusha Property was designed and supervised by Vasil Dimitrov, CGeol FGS, the Company’s Senior Geologist, who is responsible for all aspects of the work, including the quality control/quality assurance program.

    On-site personnel at the project rigorously collect and track samples which are then security sealed and shipped to ALS Global laboratory in Romania (soil and rock samples) for sample preparation and subsequent analysis. Soil samples are prepared in compliance with industry standards at ALS’ Romanian laboratory then a sample split of the milled material (pulp) is shipped to ALS’ Irish laboratory for the Trace Detection Limit method for a gold plus multi-element package by aqua regia digestion for acid extractable gold – 25g. Field duplicate samples, blanks and independent controlled reference material (standards) are added to every batch.

    Portable XRF (Olympus Vanta M) and Magnetic Susceptibility (KT-9 kappameter) analysis are applied to soil and rock sample references. A portable XRF analyzer is used to evaluate the concentration of certain elements in rocks and soils providing rapid information to field geologists without waiting for laboratory results. The portable XRF readings provide an effective screening tool for selecting samples for traditional laboratory chemical analysis. The assays of the pXRF analysis are indicative, but accuracy is not equivalent to laboratory analysis. Soil samples are sieved in the field with 40mesh (-1mm) stainless steel sieve, and collected in kraft paper bags for drying in the storage area. After sample splitting, material is taken from each sample for portable XRF analysis and stored in small transparent zip-lock bags with sample ID tags. Samples are scanned on both sides and the XRF measurements are averaged by the portable XRF. Representative rock sample specimens are selected from the field geologist then scanned with portable XRF in the company’s warehouse. Blanks and independently controlled reference material (standards) are scanned with portable XRF and the results are compared with laboratory analysis. Additional portable XRF QA/QC measurements are taken from “Coin” and “Blank” material (provided by Olympus) for tool calibration before and after scanning of each batch of samples.

    Geophysical surveys are carried out by geophysical consultants using up-to-date technologies, with the results checked by a third-party independent geophysicist for quality control. Raw geophysical data is processed and corrected, and the results are interpreted by 2 independent groups of geophysicists under the direction of Company staff.

    Qualified Person

    The technical content of this release has been approved for disclosure by Daniel Marinov, RPGeo, a Qualified Person as defined by NI 43-101 and the Company’s Vice President of Operations. Mr. Marinov is not independent of the Company as he is a director, officer, and shareholder, and holds incentive stock options.

    About Velocity Minerals Ltd.

    Velocity is a precious metals and copper explorer focused on Eastern Europe. In Bulgaria, Velocity has a 70% interest in the Tintyava property, which includes the feasibility-stage Rozino deposit. Velocity also has a 70% interest in the Momchil property (which includes the Obichnik project), a 70% interest in the Nadezhda property (which includes the Makedontsi project), and a 70% interest in the Dangovo property (which is contiguous with the Makedontsi project). The Company holds a 100% interest in the Iglika copper-gold exploration property and recently entered into an option agreement with DPM who have an option to earn a 75% interest in the property. The Company has also entered into agreements to acquire a 75% interest in the Zlatusha copper-gold exploration property.

  • Rolls-Royce snubbed for UK’s first private nuclear plant

    Rolls-Royce snubbed for UK’s first private nuclear plant

    Rolls-Royce Holdings PLC (LSE:RR.)’s mini-nuclear plans have seemingly suffered a setback with the UK’s first privately funded station to use reactors built by Westinghouse.

    The US group said it signed an agreement with Community Nuclear Power to install four AP300 small modular reactors (SMRs) at the North Teesside project to generate up to 1.5 gigawatts of power or enough for up to two million homes.

    Westinghouse added it hopes to have the first AP300 operating unit available in “the early 2030s”.

    “The advantageous economics of the AP300 SMR are based on robust analysis and existing project costs from AP1000 reactors already in operation or development on three continents,” it added.

    Mini-reactors or SMRs were a key plank of former prime minister Boris Johnson’s plans to rejuvenate Britain’s nuclear industry and hit his green energy targets.

    Through their modularised designs, SMRs can be assembled in factories rather than on-site and thus offer a cheaper and quicker way of providing carbon-free energy.

    Paul Foster, Community Nuclear Power’s chief executive, said: “This project brings together Westinghouse’s proven technology and mature supply chain with our depth of expertise in nuclear programme delivery, in a region that is transforming its industrial landscape.

    “We are delighted to be working with Westinghouse in support of private deployment in North Teesside,” he added.

    David Durham, Westinghouse president, Energy Systems added. “Our AP300 SMR is ideally suited not just to support grid generation, but also for industrial sites for generating clean and secure energy and the ability to produce hydrogen, e-fuels, desalination and district heating.”

    Lord Houchen, the mayor of Tees Valley, said one of the major issues it faced was the lack of policy clarity in the UK over SMRs.

    Although reportedly ahead of the competition, Rolls-Royce’s SMR is still said to be only mid-way through the UK approval process.

    The new power station is being entirely privately funded and will be sited at Seal Sands, a former chemical works.

  • Massive hydrogen reservoir discovered beneath an Albanian mine could be an untapped source of clean energy

    Massive hydrogen reservoir discovered beneath an Albanian mine could be an untapped source of clean energy

    A massive hydrogen reservoir may be lurking deep beneath a chromium mine in Albania, a new study has found.

    The reservoir sits within a portion of Earth’s crust and mantle that once lay at the bottom of the ocean and was scraped off when the tectonic plate it rode on slid beneath another plate. The crumpled slab of crust and mantle was thrust onto land between 45 million and 15 million years ago and formed a 1,900-mile-long (3,000 kilometers) rocky belt, known as an ophiolite, that extends from present-day Turkey to Slovenia.

    Ophiolites exist worldwide, and research has previously documented hydrogen gas leaking from boreholes and mines drilled into these formations. In the new study, scientists discovered the reservoir thanks to huge clouds of hydrogen gas wafting from pools of water inside the Bulqizë mine, which is located 25 miles (40 km) northeast of Tirana, Albania. Such hydrogen reservoirs could be tapped to provide carbon-free fuel, but the deep infrastructure needed to do so is lacking and the gas is inherently difficult to extract.

    “We have seen plenty of hyper alkaline springs hosted in ophiolites worldwide where hydrogen is bubbling [out],” lead study author Laurent Truche, a professor of geochemistry at Grenoble Alpes University in France, told Live Science in an email. But “what we have observed deep in the mine is another dimension,” Truche said, and “turns a draining pool inside a mine gallery into a breathtaking 30-square-meter [323 square feet] jacuzzi bubbling with almost pure hydrogen.”

    Truche and his colleagues explored the deepest levels of the Bulqizë chromium mine and recorded extreme quantities of hydrogen gas leaking from the rocks and bubbling through pools of water. Their measurements suggest that at least 220 tons (200 metric tons) of high-quality hydrogen escape from the mine every year, which is one of the largest natural hydrogen flow rates documented to date.

    Hydrogen is a highly flammable gas. The high concentrations measured inside the Bulqizë mine are thought to have sparked three explosions since 2011, killing four miners and injuring many more. “Our study will help to understand the phenomenon and to improve safety,” Truche said.

    The discovery also sheds light on the geological conditions that seal large reserves of natural hydrogen underground. Hydrogen venting from the Bulqizë mine likely accumulated in tectonic fractures between two blocks of rock deep within the ophiolite, according to the new study, which was published Thursday (Feb. 8) in the journal Science. This fault zone is estimated to be 33 feet (10 meters) wide, up to 3,300 feet (1,000 m) long and up to 16,400 feet (5,000 m) deep, and it “can easily be observed in the deepest mine galleries,” between 1,640 feet (500 m) and 3,300 feet deep, Truche said.

    “We still don’t know how this fault is sealed, but it has no visible footprint at the surface,” he added.

    As much as 55,000 tons (50,000 metric tons) of hydrogen could lurk in the reservoir beneath the mine — enough to sustain the high flow rate for 238 years, according to the study.

    Deposits of natural hydrogen are a promising source of carbon-free energy if they are extractable and sufficiently large.

    “What sets our discovery apart is the large flux of almost pure [hydrogen] gas we have observed,” the authors wrote in the study. “In the context of energy transition, our findings could substantially affect the ongoing search for new energy resources.”

  • EU, US to align global minerals push against China’s supply grip

    EU, US to align global minerals push against China’s supply grip

    The US and the European Union are in talks to merge a core area of their efforts to engage suppliers of critical minerals in resource-rich nations, seeking to streamline their push against China’s dominance in materials key for future technologies.

    The aim is to combine the EU’s high-level policy approach with the US focus on specific projects, according to people familiar with the discussions.

    Specifically, the move would merge the EU’s critical raw materials club concept with the Biden administration’s flagship Minerals Security Partnership. It comes after the EU delayed plans to launch its own program in Dubai last year at the COP 28 climate summit, said the people, who asked not to be identified describing internal policy discussions.

    The new initiative, known broadly as a “minerals security partnership forum,” would align outreach efforts to buyers in developed countries and resource-rich nations to cooperate on projects and policies, said the people.

    As part of their broader economic security strategies, Washington and Brussels are seeking to counter China’s domination of the supply chain for so-called critical minerals, a broad term that includes inputs for electrical vehicles and other green energy technologies.

    Key to their combined efforts is working with resource-rich nations to develop standards on investment, trade, research and environmental issues that the US and EU see as an alternative to working with China.

    The allies, who’ve identified more than a dozen potential projects, have taken on a daunting challenge. The lengthy and expensive process of developing mining or refining projects means Beijing’s dominance will likely continue for decades. And US officials have conceded it’s impossible to fully replace China.

    US and EU officials aim to reach an agreement later this month and officially launch the project in March, according to one of the people. They will discuss the plan at the Munich Security Conference in Germany next week, said a separate person.

    The EU and the US are discussing how to optimize their efforts in fostering international cooperation on critical raw materials, Olof Gill, a spokesperson for the European Commission, said in a response to questions, adding that an important aspect of these talks is to find “the best synergies” between the EU’s critical raw materials club and other international activities.

    A US State Department official, who asked not to be identified discussing internal matters, said the two sides believe separate outreach plans to resource-rich nations duplicated efforts and risked creating confusion. They also want to ensure alignment on the broader goal of reducing the West’s dependence on China for the production and processing of many critical minerals like lithium, manganese and cobalt, and properly coordinate mobilizing state finances and private companies, the official said.

    The EU was already a part of the US-led minerals security partnership alongside Australia, Canada, Finland, France, Germany, India, Italy, Japan, South Korea, the UK and others, which aims to funnel foreign investment into the green energy sector.

    The EU has also signed its own minerals pacts with several countries, including the Democratic Republic of Congo, which supplies about 70% of the world’s supply of cobalt, and Zambia.

    As well, Central Asian members of the C5+1 group — which includes Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan — have also expressed interest in the minerals security partnership, the US State Department official said.

    Separate EU-US talks on a bilateral critical minerals agreement remain stalled over labor rights and concerns over the feasibility of adopting a trade pact in an election year.

    US officials, who have already struck a bilateral deal with Japan, have wanted to kick-start new mining and processing projects by acting as a bridge between private companies seeking raw materials and developing nations that have relied in recent years mainly on China for resource investments.

  • European Lithium poised to become key player in production on the continent

    European Lithium poised to become key player in production on the continent

    European Lithium Ltd  is gaining traction in the lithium and rare earth sectors in its namesake target market, says Martin Place Securities, with a series of strategic initiatives placing it on a growth trajectory.

    The key drivers of this growth include the company’s Wolfsberg Lithium Project, a diverse portfolio that spans across Europe, and a listing on the Nasdaq.

    The company’s market capitalisation, as of January 30, stands at A$117 million.

    Revaluation due

    In its appraisal, Martin Place Securities suggests that the company’s stock is currently trading below its see-through asset backing of around A$0.80, indicating room for a substantial market revaluation.

    The report sets a value target of A$0.58 per share for European Lithium Ltd by the end of 2025.

    Martin Place Securities sees European Lithium as uniquely positioned to play a significant role in the European Union’s clean energy transition, especially with the EU’s target to phase in electric vehicles by 2035.

    The company’s diversified portfolio, strategic partnerships and involvement in critical mineral projects such as the Wolfsberg Lithium Project and the Tanbreez REE deposit, place it at the forefront of an industry poised for growth.

    Nasdaq milestone

    European Lithium’s flagship asset, the Wolfsberg lithium spodumene mining project, is slated for a Nasdaq listing, which is expected to impart a fully diluted value of A$0.61 per share, considerably enhancing the company’s market presence.

    The project, situated in Austria with a production capacity of 8.8ktpa LHM, is poised to become the first European Union producer of battery-grade lithium.

    A March 2023 definitive feasibility study (DFS) pointed to a net present value (NPV) of US$1,504 million, bolstered by high lithium hydroxide (LiOH) prices.

    “Wolfsberg would be one of the first operating lithium mines in Europe where EU regulations for the energy transition call for growing a major lithium industry to assist in the phasing in of electric vehicles there by 2035,” the report said.

    “BMW, recognising the need for security of supply, has entered into an offtake agreement with a US$15 million prepayment for all of the Wolfsberg Zone 1 output for its own battery manufacturing centre in Germany.”

    The company also has plans to access the largest lithium resource in Ukraine, which is also potentially one of Europe’s largest hard rock lithium resources.

    The report suggests that, following a resolution to the conflict in that country, an EU-Ukraine strategic partnership on critical raw materials could sponsor this development of the Shevchenkivske and Dobra deposits.

    Growth prospects in Austria and Ukraine

    The company is actively exploring additional lithium resource projects in Austria and is advancing towards acquiring significant lithium deposits in Ukraine.

    These ventures represent a strategic expansion and diversification of the company’s lithium asset portfolio.

    The lithium sector is showing signs of bottoming out, indicating a potential upswing that could benefit European Lithium’s strategic investments and market position.

    World’s largest REE deposit

    Along with its lithium exposure, European Lithium Ltd (ASX:EUR, OTCQB:EULIF) holds a 7.5% stake in the Tanbreez deposit in Greenland, touted as the world’s largest rare earth element (REE) deposit.

    The involvement in the Tanbreez REE deposit underscores European Lithium’s commitment to diversifying its portfolio in the critical minerals sector, aligning well with global trends and demands.

    This investment could yield a pass-through value potential of more than A$0.20 per European Lithium share, further enhancing the company’s asset base.

    The company is likely to target a Nasdaq listing for Tanbreez in 2025 to fund its development.

  • Investor Expectations Moderately Balanced in Gabriel Resources vs. Romania Outcome

    Investor Expectations Moderately Balanced in Gabriel Resources vs. Romania Outcome

    The shares of Gabriel Resources, the Canadian company that owns 80% of the Roşia Montană gold mining project in Romania – traded at the Toronto Stock Exchange – boasted a 37.6% advance as of February 6 from five days earlier when international media reported the Romanian state would pay at least USD 2bn in compensation, in litigation at World Bank’s ICSID court.

    However, the company’s market value reached only CAD$663mn, the equivalent of USD 490mn, Ziarul Financiar announced. The sentence is expected on February 10. This indicates an increase in the company’s market capitalization by USD 140mn – a small portion of the USD 2bn, the lowest value of the compensations Romania may have to pay.

    Five shareholders own 70.4% of Gabriel Resources shares, according to Ziarul Financiar. The investment group Kopernik Global Investors, based in Florida, owns a 17.11% stake. The financial services firm Tenor Capital Management, established 20 years ago in New York, USA, has a 16.3% stake.

    Electrum Global Holdings owns 13.25% of the capital. Electrum is an investment and consulting company, also from New York, founded and led by Thomas Kaplan, an entrepreneur and investor in natural resources.