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Memorandum between the state and ČEZ: The state will support the construction of a Czech gigafactory for batteries for electric cars

On Monday, the government approved a memorandum between the state represented by the Ministry of Industry and Trade and ČEZ on support for a project for a battery factory for electric vehicles in the Czech Republic, the so-called gigafactory. This was stated on Twitter (https://twitter.com/KarelHavlicek_/status/1419679992041156611) by Deputy Prime Minister and Minister of Industry and Transport Karel Havlíček (for YES). According to him, the expected investment of over 50 billion crowns will bring at least 2,300 jobs. The investment should amount to at least 52 billion crowns (Approx £1.6bn) in the 1st phase. Havlíček and CEZ CEO Daniel Beneš will sign the memorandum on Tuesday morning.

Havlíček announced last year that CEZ Group was considering building a factory for lithium batteries for cars in northern Bohemia in the next few years, which it described as a gigafactory project. Together with investors from the automotive industry, the company wants to use lithium from the Cínovec area in the Ore Mountains for the production of batteries.

Link here to read the full article –Memorandum between the state and CEZ_ The state will support the construction of a Czech gigafactory

Cadence Minerals (KDNC) European Metals (EMH) Cinovec Project Update – DFS Level Drilling Permits granted and Lithium Hydroxide Testwork commenced.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update published today by European Metals Holdings Limited (“European Metals”) highlighting further significant advancements made in the development of the Cinovec Lithium-Tin Project (“Cinovec”).


  • Permits required for the DFS resource drilling campaign have been granted, and European Metals has received permission from the relevant statutory authorities in the Czech Republic for the commencement of the planned comprehensive diamond drilling campaign.
  • A total of 13 drill holes for a total drilled length of 3,386 metres have been permitted.
  • The first 4 geotechnical drill holes at the proposed site of the mine portal have been completed. The rig is continuing with drilling a further five geotechnical holes along the planned mining decline route to allow final development ready designs to be completed for the portal and decline designs.
  • Testing of the revised lithium hydroxide product flowsheet commenced on schedule at Dorfner Anzaplan in Germany.

Cadence holds approximately 20% of the equity in European Metals, which, through its wholly owned Subsidiary, Geomet s.r.o., controls the mineral exploration licenses awarded by the Czech State over Cinovec.

The full release can be found at: http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=160721 

Cadence Minerals CEO Kiran Morzaria commented: “The commencement of the Cinovec DFS drilling programme ahead of the winter season is a big step forward for European Metals. This, along with the progress made with the lithium hydroxide flowsheet has very positive implications for Cinovec project economics and future valuations. We look forward to the results”

Cadence Holdings

As at the 31 August 2018 Cadence had the following key investments: 19.7% of the equity in European Metal Holdings, which, through its wholly owned Subsidiary, Geomet s.r.o., controls the mineral exploration licenses awarded by the Czech State over Cinovec; 7.5% of the equity in Bacanora Lithium Plc and 30% of Mexalit and Megalit joint venture companies. Mexalit is the owner of the El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 mineral concessions, which forms part of the 20-year mine plan of the Sonora Lithium Project in Northern Mexico; 6.6% of Auroch Minerals Ltd; 4.5% of Clancy Exploration Ltd; 12.1% of Macarthur Minerals Ltd; 4% of the San Luis lithium exploration project in Argentina; 30% free carried interest in one mining lease and six exploration license in part of the the Yangibana Rare Earth Mineral deposit and a 100% interest in and exploration license on the eastern boundary of boundaries of Greenland Minerals and Energy Limited’s licences that encompass the world-class Kvanefjeld, Sørenson, Zone 3 and Steenstrupfjeld Rare Earth Element deposits.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

– Ends –

For further information:

Cadence Minerals plc +44 (0) 207 440 0647
Andrew Suckling  
Kiran Morzaria  
WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666
James Joyce  
James Sinclair-Ford  
Hannam & Partners LLP (Joint Broker) +44 (0) 207 907 8500
Neil Passmore  
Giles Fitzpatrick  
Novum Securities Limited (Joint Broker) +44 (0) 207 399 9400
Jon Belliss

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.

About Cadence Minerals:

Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale – upcoming supersized passenger vehicles, lorries and buses – require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market.

Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.

The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral’s goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.

Forward-Looking Statements:

Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ‘‘believe’’ ‘‘could’’ “should” ‘‘envisage’’ ‘‘estimate’’ ‘‘intend’’ ‘‘may’’ ‘‘plan’’ ‘‘will’’ or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.

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