European Green Transition secures exclusive option for innovative copper tailings recycling project in Cyprus
European Green Transition (AIM: EGT), a key player in developing assets for the green economy in Europe, has announced a significant move in its strategy with the acquisition of an exclusive option to explore a promising Copper Tailings Recycling Project in Cyprus. This strategic initiative underscores the company’s commitment to leveraging Europe’s green energy transition, with a focus on sustainable resource recovery.
EGT has secured full, exclusive rights to conduct comprehensive due diligence on the Copper Tailings Recycling Project for a period of 12 months. The project is centered around the historical Limni copper mine near Polis in western Cyprus, which produced over 8.1 million tonnes at 1.11% copper from 1937 to 1978. A proposed copper recovery circuit aims to extract copper from existing pit waters, presenting a capital-efficient opportunity for near-term revenue generation.
The due diligence activities will focus on validating the low-cost water treatment plan, assessing the potential of the copper tailings, and exploring opportunities for solar power development on the site. These efforts are in alignment with EGT’s strategy to invest in green economy assets that offer both environmental benefits and economic viability.
In addition to copper recovery, the site offers a long-term opportunity to establish a solar power facility. EGT plans to collaborate with an existing solar power operator, allowing the company to maintain a revenue stream while contributing to the renewable energy landscape in Cyprus. This dual approach not only aligns with the European Union’s Critical Raw Materials Act, which promotes recycling to meet raw material needs but also supports the transition away from fossil fuels, which currently dominate Cyprus’s energy supply.
Aiden Lavelle, CEO of European Green Transition, commented on the project’s alignment with the company’s broader goals: “The Limni Project perfectly fits our aim to pursue high-quality opportunities where we can potentially generate near-term cash flow efficiently, while also prioritizing the environment and local stakeholders.” Lavelle’s previous experience with the project in 2017 highlighted its potential as a significant copper tailings recycling endeavor, which is now even more viable due to the rising demand and prices for copper.
The project’s relevance is magnified by the increasing merger and acquisition activity in the copper sector, particularly in the London market, and the strategic importance of copper in developing transport, wind, and solar power infrastructures. EGT’s proactive engagement with all relevant stakeholders during the due diligence phase will ensure the project aligns with the company’s stringent ESG standards.
Should EGT decide to exercise the option, the acquisition will be subject to successful negotiations and further documentation, with no guarantee of finalization. The company anticipates making further announcements as the due diligence process progresses and more information becomes available.