The merged entity Critical Metals Corp will own European Lithium’s project in Wolfsberg, Austria, which could be the first licensed lithium mine in Europe.
“The project is poised to become the first major source of battery-grade lithium concentrate in Europe, the world’s leading EV market, capable of supporting the production of approximately 200,000 EVs per year,” Critical Metals executive chairman Tony Sage said in the statement. “We believe we will be able to achieve our commercial goals by 2025.”
Based on a pre-feasibility study, European Lithium said it expects Wolfsberg to supply approximately 10,500 metric tons of lithium concentrate annually by 2025. On Monday, the company had requested a trading halt “pending an announcement regarding a proposed merger transaction”.