on Eurobattery Minerals AB
Eurobattery Minerals Ventures into Tungsten Mining with Investment in Spanish Company
Eurobattery Minerals AB has announced a significant investment into the tungsten mining sector by acquiring a 51% stake in Tungsten San Juan SL (TSJ) for EUR 2.5 million. This investment aligns with the company’s strategy to enhance raw material self-sufficiency in Europe. The funds will primarily be used for the construction of a processing plant and initial working capital. Roberto García Martínez, CEO of Eurobattery Minerals, described the move as transformative, potentially enhancing the company's market position significantly.
The targeted tungsten project in Galicia, Spain, is ready with all necessary licenses to initiate production, with an ambitious plan to commence small-scale production by 2025. This project is expected to yield substantial cash flows within a year following production start. The investment is contingent upon successful due diligence and the securing of necessary financing. The deal grants Eurobattery Minerals exclusive rights to invest in TSJ for ninety days.
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