Vancouver, British Columbia, Euro Manganese Inc. (TSX-V / ASX: EMN) announces that its application for certain investment incentives for the Chvaletice Manganese Project, which was initially reported in the Company’s August 14, 2019 news release, has been approved by the Ministry of Industry and Trade of the Czech Republic.
These investment incentives are in the form of Czech corporate income tax credits related to eligible Project assets to be acquired by the Company’s subsidiary, Mangan Chvaletice s.r.o. Based on eligible assets of approximately CZK 2.4 billion (approx. CAD$137 million), such tax credits would amount to approximately CZK 470.3 million (approx. CAD$27 million). These tax credits would be over and above the normal tax depreciation on such eligible assets, and would be applied toward Czech corporate income taxes otherwise payable by Mangan Chvaletice on earnings generated by the Project.
Marco Romero, President and CEO of EMN, commented: “We are grateful and very encouraged by this valuable support offered to us by the Czech Government. Despite the turbulent times that the world is currently experiencing, our team is resolute and continues to make excellent progress on all key fronts with our important Chvaletice Manganese Project. We expect to become Europe’s only primary producer of high-purity manganese products, just when these sustainably-produced battery raw materials will be most needed by the rapidly emerging European electric vehicle industry.”
About Euro Manganese:
Euro Manganese Inc. is a Canadian mineral resource company focused on the development of the Chvaletice Manganese Project in the Czech Republic. The Project will recycle historic mine tailings that host Europe’s largest manganese deposit and result in an environmental remediation of this site. The European Union is emerging as a major electric vehicle manufacturing hub. EMN’s goal is to become the preferred supplier of sustainably-produced ultra-high-purity manganese products for the lithium-ion battery industry and for producers of specialty steel, high-technology chemicals and aluminum alloys.