Elemental metals secures PLN 1 bln in government grant
Ex-listed strategic metals producer Grupa Elemental has secured a grant from the Polish government worth PLN 1.04 billion (EUR 244 mln) under the EU TCTF programme for the largest in the region strategic metals production hub project Polvolt, the group said in a press release.
As part of the project, a plant producing metals of key importance to the Polish and European economies will be built in Zawiercie: copper, silver and gold, as well as a refinery for battery metals: lithium, cobalt and nickel.
Metals used in strategic industries, including the energy, defence, automotive and telecommunications industries, will be recovered in Zawiercie.
According to reports, the Elemental Battery Metals investment is one of two Polish projects included in the European Union's list of strategic projects under the European Critical Raw Materials Act.
The Polish plant in Zawiercie will recover critical metals from materials sourced from 100 Elemental Group plants in 35 countries.
A total of approximately USD 1 billion will be invested in Zawiercie over a period of seven years.
The Polvolt project is the largest investment by a private entity in a strategic sector in Poland.
"The Polvolt project is another investment by the Elemental Group in Poland, in Zawiercie. This investment is a response to the needs of the Polish and European markets for critical raw materials," said CEO of Elemental Battery Metal Maciej Dudzic, quoted in the press release.
"At the same time, it proves how important a role Poland can play in the strategic raw materials economy," he added.
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