European Metals results for the year to 2020 show Cinovec fully funded to a final investment decisio
European Metals Holdings PLC (LON:EMH) generated revenue of just over US$180,000 in the year to 30 June 2020.
The company turned in a loss of US$4.6mln and closed out the year with US$58,000 in cash.
During the year the company completed an agreement in regard to its Czech lithium asset with CEZ, a Czech power utility, under the terms of which CEZ became a 51% owner, and injected EUR29mln into the local holding company.
This agreement provides all necessary funding to move the project to final investment decision, and provides strong business and management support within the Czech Republic.