European Green Transition (EGT), a company focused on assets for the green economy, said it had received encouraging results from samples taken from its copper tailings recycling project in Cyprus.
The company, which focuses on assets required for the green transition, said results from samples taken at the Limini mine near Polis in western Cyprus delivered encouraging results for copper and also indicates potential for gold.
The Limni mine closed in 1978, and was backfilled with tailings over a decade ago. However, there has been a focus on the potential for extracting copper from pit waters at the mine.
EGT said results from 68 samples demonstrated the presence of copper in water at surface, with the presence of gold also indicated.
“As a next step, we will now progress to the next stage of diligence as part of our 12-month option agreement,” said Aiden Lavelle, chief executive. “This will include further rock sampling, water sampling, and analysis of the potential for solar development at the site.”
EGT, which was floated by serial entrepreneur Cathal Friel in London in April, raised £6.46 million of fresh funds in its initial public offering. The company was floated with a seed portfolio that included three exploration projects – two in Sweden and one in Germany – for critical metals such as lithium, used for electric vehicle batteries, and rare-earth metals such as dysprosium and terbium, used in the manufacturing of wind turbines.
- Sign up for Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Join The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
