The mining company Eurobattery Minerals AB announced that it will not renew its exploration licenses for its seven Swedish assets when the permits expire at the end of October 2023. The decision will enable Eurobattery Minerals to currently focus on its more advanced projects to create better shareholder value. In Eurobattery Minerals half-year report 2023, the Swedish assets were valued at 2.7 MSEK; consequently, the decision will result in a non-cash flow affecting write down of the same amount.
“We are committed to providing the raw materials needed for batteries to power the green transition across Europe. To achieve this and create the best shareholder value, we have decided not to renew the licenses in Sweden and instead focus our attention on our battery mineral mine projects in Hautalampi in Finland and Corcel in Spain”, said Roberto García Martínez, CEO of Eurobattery Minerals.
The non-renewal decision is based on current challenges associated with mining in Sweden, where the uncertainty in the permit process adds vast ambiguity to the investment case. Furthermore, the decision follows from the Company’s increased attention to its Hautalampi mining project in Finland and Corcel project in Spain. Both projects are well-advanced, and analyses point to high nickel, copper and cobalt grades with a strong economic outlook.
Source: Market Screener