European Green Transition (EGT), a London-based initiative spearheaded by serial entrepreneur Cathal Friel, recently procured an option to purchase a share in a project aimed at salvaging copper from a former Cypriot mine. Having been operational for forty years until 1978, the mine’s residual copper has become the focus of a recycling endeavour, backed by an EGT investment of £125,000 (€146,100). The deal allows for a 12-month due diligence period, according to a company statement issued on Monday.
The Limni mine, situated in Polis, Western Cyprus, was purpose drilled and filled with tailings several years back. Of late, the spotlight has been shifted to the possibility of extracting copper from the pit waters of the mine. EGT’s CEO, Aidan Lavelle, has earlier contributed to an evaluation trial at the same site in 2017.
In addition to the recycling scheme, EGT is considering the establishment of a solar energy facility on the mine’s premises after the completion of the recycling project, which would be funded by partnering with a solar operator.
Post its IPO, this marks EGT’s inaugural proposed scheme, which amassed £6.46 million of new funds. The company primarily targets assets crucial for the green transition.
Upon its inception, EGT presented a seed portfolio featuring three exploration missions – two in Sweden and one in Germany – to mine key metals including lithium, essential for EV batteries, and rare-earth metals like dysprosium and terbium, necessary for wind turbine production.
Mr Lavelle has stated that the Limni project aligns with their objectives to capitalize on high-value opportunities generating immediate and efficient cash flow, while also maintaining environmental accountability and community involvement. In light of the increasing demand and prices of metallic resources, he believes this scheme is strategically positioned to leverage Europe’s green power migration and copper’s pivotal role in the establishment of transport wind and solar energy infrastructures.
Complying with the EU’s newly established Critical Raw Materials Act, at least 15% of the EU’s annual critical materials consumption is mandated to be sourced from recycled materials.
Mr Friel’s shareholding in EGT has been reduced from nearly 44% to around 19% owing to the funds raised, yet he remains the principal shareholder. This marks the fifth Initial Public Offering (IPO) assembled by his business, Raglan Capital Corporate Finance, in a span of twelve years. Since April 8th, when EGT began trading, its shares have increased by 25%, reaching 12.5 pence, establishing a market valuation of £17.4 million.