European Green Transition , a company floated by serial entrepreneur Cathal Friel in London earlier this month, has acquired an option to buy into a project to extract copper left over from a Cypriot mine that was in production for four decades until 1978.
The Limni mine, near Polis in western Cyprus, being targeted by EGT was backfilled with tailings over a decade ago. However, there has been a focus more recently on the potential for extracting copper from pit waters at the mine. EGT’s chief executive, Aidan Lavelle, had been involved in an assessment project at the location in 2017.
The company was floated with a seed portfolio that included three exploration projects – two in Sweden and one in Germany – for critical metals such as lithium, used for electric vehicle batteries, and rare-earth metals such as dysprosium and terbium, used in the manufacturing of wind turbines. The EU’s recently adopted Critical Raw Materials Act mandates that at least 15 per cent of the EU’s annual consumption of critical materials should come from recycling.
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Shares in EGT rise 12.5% on London's AIM following IPOShares in European Green Transition (EGT), a company developing a range of assets aimed at capitalising on the opportunity of the green transition and which is chaired by Cathal Friel, began trading on London's AIM today.
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