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Ústí nad Labem Region, Czechia approved delimitation of areas for deep mining of lithium at Cínovec in Ore Mountains. Decision of representatives is key for further decisions by investor Geomet (51/49 joint venture of Severočeské doly/ČEZ and European Metals Holdings/EMH) on implementation of project worth CZK 42 billion (EUR 1.7 billion), of which costs of building processing plant should be CZK 25 billion and mine itself CZK 5 billion. Project made significant progress in recent years – completion of definitive feasibility study/DFS and submission of EIA documentation to Ministry of Environment (December 2025), awarding subsidy of maximum of EUR 350 million/CZK 8.8 billion for construction of lithium processing plant in Prunéřov near Chomutov from Strategic Investments for Climate Neutral Economy programme (November 2025), receiving grant of CZK 800 million/EUR 32 million from Fair Transition Fund (April 2025), inclusion by European Commission among strategic projects under Critical Raw Materials Act/CRMA regulation (March 2025), changing location of processing plant from Dukla industrial zone near Újezdeček to Prunéřov to site of former coal-fired power plant (April 2024), EBRD invested EUR 6 million in EMH shares and currently holds 5.18% interest (July 2023), redemption of land and options in Dukla location for CZK 966 million (June 2023), EMH approved transfer of 51% stake to ČEZ by increasing Geomet's capital by EUR 29.1 million (April 2020), EMH acquired Geomet (February 2014), Geomet founded (November 2007). This to be followed by preparation of documentation for building permit. Investor expects mining to begin in 2030. Mining operation and raw material processing plant to directly create approximately 2,000 jobs, with further 2,000 jobs created in downstream supply chain. Total of 3.2 million tonnes of ore per year can be mined at Cínovec and will produce approximately 37,500 tons of battery-grade lithium carbonate for up to 1.3 million electric vehicles (EVs). Czechia has 10th largest lithium reserves in world (3-5%) and 2nd largest in Europe after Germany. Net present value (NPV) in Cínovec deep deposit was USD 1.94 billion as of January 2022. Automotive industry accounts for about 10% of Czechia’s GDP. In coming years, it will undergo inevitable transformation from internal combustion engines (ICEs) to electromobility. Czech source of lithium will help preserve jobs, automotive tradition, wide supply chain and follow-up services, added ČEZ, which is also planning gigafactory for electric car battery cells in Prunéřov

April 7, 2026 | 07:46am CETflash
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April 5, 2017 | 12:43am CEToriginal
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March 31, 2017 | 08:18pm CEToriginal
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March 31, 2017 | 12:04am CEToriginal
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March 30, 2017 | 11:41pm CEToriginal
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March 30, 2017 | 11:28pm CEToriginal
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March 30, 2017 | 01:14am CEToriginal
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March 30, 2017 | 12:48am CEToriginal
Demand in individual countries, the fall in the UK and at its neighbours, results for two months...
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HP Pelzer plant hit by fire

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No one was seriously injured. Location, damage assessment, contingency plans for security of supplies to clients...
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Autocentrum Barth increased car sales by 30% in 2016

March 29, 2017 | 02:32am CEToriginal
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Skoda to have new head of communications

March 29, 2017 | 02:21am CEToriginal
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March 23, 2017 | 11:42pm CEToriginal
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Skoda Auto operating profit increased by 30.8% at revenue growth of 9.8% in 2016

March 23, 2017 | 02:33am CEToriginal
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March 21, 2017 | 11:44pm CEToriginal
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March 20, 2017 | 11:00pm CEToriginal
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