The acquisition of the two lithium deposits in Ukraine is a complex transaction: European Lithium acquired the Ukrainian company Petro Consulting LLC from Millstone. This company has a stake in the two mining projects. In return, Millstone will acquire a 20 per cent stake in Europen Lithium by subscribing for shares worth up to 20 million Australian dollars (about 12.9 million euros) in several tranches. The entire transaction is subject to shareholder approval, receipt of the necessary mining and processing licences and other conditions in consultation with the Australian Securities and Exchange Commission and the so-called JORC rules.
Dietrich Wanke, CEO of European Lithium, emphasises the importance of lithium mining in Europe: “Lithium is currently mined almost exclusively in Australia, Asia and South America. This fact, coupled with the forecast that demand for lithium will more than double in a few years, means a serious situation of dependency for Europe’s industry.” An integrated European battery supply chain, the cornerstone of which is now being laid not least by the intensive activities of European Lithium, could provide a remedy.
European Lithium is listed on the stock exchanges in Sydney and Frankfurt and is represented in Austria by ECM Lithium AT GmbH. Until the completion of the planned acquisition in Ukraine, the completion of the final feasibility study of the lithium project in Wolfsberg, Austria, now has the highest priority, the group says”.
It is amazing how much business as usual goes on during a war.
Donetsk is de facto Europe’s newest independent country. Who did they sign the deal with exactly?
We need all the Lithium we can get. It’s going to take quite a bit just to get Lawrence O’Donnell evened out.
I hope The Big Guy got his 10% upfront. Vlad may have a different take on this deal, soon enough.