Rare Earth Minerals notes progress at Czech investment

Rare Earth Minerals reported on Thursday that European Metals Holdings, in which it owns a 16.4% shareholding, has appointed Ausenco Services as the lead engineer to the pre-feasibility study of the Cinovec Lithium/Tim Project in the Czech Republic.

The AIM-traded firm said the study, which is expected to be completed early next year, will build on the positive scoping study that was released last year.

It will target an initial production rate of 20,000 tpa of lithium carbonate with associated tin, tungsten and sulphate of potash credits, and will pave the way for a definitive feasibility study in 2017, Rare Earth’s board said.

“Ausenco's recent experience in the lithium sector and project development will complement the internal team as they develop the Cinovec project,” said Rare Earth Minerals chief executive Kiran Morzaria.

“We look forward to the ongoing updates as this strategic asset continues to move forward.”