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On June 4, 2024, the Cabinet of the State of Saxony instructed its Minister of Economic Affairs, Martin Dulig, to conclude administrative agreements with the German Federal Ministry of Economics (BMWK) for two battery-chain projects, one of which is the Zinnwald Lithium Project. These agreements are to provide grant funding support for the Project under the EU's Temporary Crisis and Transition Framework (TCTF). The Federal Government expects to make a formal decision on recommended projects during 2024 and final funding decisions at the end of the year, subject to approval from the Parliament of the State of Saxony.
| Date | 4 Jun 2024 |
| Time | 14:57:05 |
| Category | Corporate updates |
| ID | 0930R |
Zinnwald Lithium plc / EPIC: ZNWD.L / Market: AIM / Sector: Mining
4 June 2024
Zinnwald Lithium plc ("Zinnwald Lithium" or the "Company")
Saxony Government Support for the Zinnwald Lithium Project
Zinnwald Lithium Plc (AIM:ZNWD) is pleased to note that this morning the Cabinet of the State of Saxony has instructed the Minister of Economic Affairs, Martin Dulig, to conclude administrative agreements ("Agreements") with the German Federal Ministry of Economics ("BMWK") for two battery-chain projects in Saxony, one of which being the Zinnwald Lithium Project. The Agreements are to provide grant funding support for the Project by the State of Saxony in conjunction with the Federal Government under the EU's Temporary Crisis and Transition Framework ("TCTF").
This decision does not guarantee that funding will be secured under the TCTF. The Federal Government expects to make a formal decision on recommended projects during 2024 and final funding decisions at the end of the year. The Parliament of the State of Saxony will also need to formally approve its portion of any funding.
Zinnwald Lithium CEO, Anton du Plessis, commented: "We are delighted by this strong expression of support from the Government of the State of Saxony for the Zinnwald Project. Whilst there are no guarantees whether and how much grant funding the Project may eventually receive, this is a further indication of the importance being placed on encouraging domestic sources of supply of critical raw minerals in Germany and the EU."
The Saxony Government's press release can be found at www.medienservice.sachsen.de/medien/news/1076289
A further announcement will be made at the appropriate time.
*ENDS*
To engage with us directly via our investor hub, please sign up at
https://investors.zinnwaldlithium.com/auth/signup
For further information visit www.zinnwaldlithium.com or contact:
|
Anton du Plessis Cherif Rifaat |
Zinnwald Lithium plc |
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|
David Hart Dan Dearden-Williams |
Allenby Capital (Nominated Adviser) |
+44 (0) 20 3328 5656 |
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Michael Seabrook Adam Pollock |
Oberon Capital Ltd (Joint Broker) |
+44 (0) 20 3179 5300 |
|
Richard Greenfield Charles Bendon |
Tamesis Partner LLP (Joint Broker) |
+44 (0) 20 3882 2868 |
|
Isabel de Salis Paul Dulieu |
St Brides Partners (Financial PR) |
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Notes
AIM quoted Zinnwald Lithium plc (EPIC: ZNWD.L) is focused on becoming an important supplier of lithium hydroxide to Europe's fast-growing battery sector. The Company owns 100% of the Zinnwald Lithium Project in Germany, which has an approved mining licence, is located in the heart of Europe's chemical and automotive industries and has the potential to be one of Europe's more advanced battery grade lithium projects.