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Swedish miner Eurobattery Minerals has signed a non-binding letter of intent to invest €2.5 million in Spanish company Tungsten San Juan SL and obtain 51% ownership on a fully diluted basis.
The company has planned an initial small-scale open-pit production based on proven reserves of 60,000 tonnes at 1.3% WO3 . With consideration of a potential extension of the open pit as well as the other reserves in the remaining numerous outcroppings of skarn, TSJ forecasts a mining objective for the project in the order of at least 960,000 MTU, that is, more than 12 times the size of the proven reserves.
“The payment would be made in cash in two tranches of €1.5 million and €1 million respectively, where the company would access its full ownership stake directly after the payment of the first tranche,” the brief states. “The company intends to complete both tranches of the investment in 2024.”
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