Perth-based GreenX Metals will acquire a 90 per cent interest in a copper project in Germany.
GreenX has entered into an earn-in agreement with private German company Group 11 Exploration GmbH to acquire interest in the Tannenberg copper project in central Germany.
The exploration licence covers 272 square kilometres and encompasses the historical Richelsdorf copper-silver mines.
Historically, the Richelsdorf mines have produced upwards of 4150,000 tonnes of copper and over 33 million ounces of silver.
GreenX chief executive officer Ben Stoikovich said the company was excited to add Tannenberg to its exploration portfolio.
“Kupferschiefer-style deposits are widely acknowledged as the most prolific source of modern-day copper production, with copper mining from the Polish Kupferschiefer deposits presently being Europe’s largest domestic source of strategic copper supply,” he said.
“We believe that Tannenberg has the potential to host large scale and high-grade copper deposits located in the heartland of German industry in the vicinity of major original equipment manufacturers such as Volkswagen’s battery and electric drive production facilities and Tesla’s Berlin gigafactory.”
GreenX is hoping to take advantage of the recently-announced EUR 1.1 billion ($1.8 billion) investment fund from the German Government.
“Copper is officially recognised by the EU as a strategic raw material for European industry and ongoing decarbonisation in Europe,” Stoikovich said.
“This acquisition comes at a time when the German Government and the EU (European Union) have recently announced major policy initiatives to enhance security of supply of strategic raw materials such as copper by facilitating … access to project development funding.”
Once the acquisition is complete, GreenX will act as the project manager of the site.
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