Europa Metals Acquires Tynagh Brownfield Project

2 min read | September 17, 2024 05:23 PM AEST | By Team Kalkine Media

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Europa Metals Acquires Tynagh Brownfield Project — Image source: Shutterstock

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Europa Metals Ltd (LSE:EUZ) has announced its intention to acquire the Tynagh brownfield project located in County Galway, Ireland. This acquisition will be executed through a reverse takeover, positioning Europa to enhance its portfolio with a significant recycling and rehabilitation initiative.

The Tynagh project focuses on the recycling and rehabilitation of a mine site that operated during the 1970s and 1980s. The site currently holds a surface mineral resource of 6.65 million tonnes, which includes lead, zinc, copper, and silver. The transaction involves Europa acquiring Viridian Metals, the current owner of the Tynagh project, which has conducted extensive technical studies to advance the project's development.

Upon completion of the transaction, Julian Vickers, the Chairman of Viridian Metals, will assume the role of Chief Executive Officer at Europa Metals. Myles Campion, Executive Chairman of Europa Metals, highlighted the acquisition as a pivotal moment for the company, providing a clear path to affordable production. Campion expressed enthusiasm about collaborating with Vickers and supporting his vision for the company’s future.

According to Viridian, previous operators of the Tynagh site anticipated that much of the original metal content would remain in the tailings, leading to careful storage and segregation of the material for potential re-treatment. The grade of metal in these tailings is believed to be comparable to the quality being mined underground in other operations today. Additionally, the project includes a substantial 'non-compliant' waste stockpile, which may further enhance the project's recoverable resources.

Julian Vickers conveyed excitement about bringing the Tynagh project to the public domain and expressed a commitment to expanding Europa into a diversified producer of base, precious, and critical metals over the coming years.

As the acquisition constitutes a reverse takeover under AIM rules, trading of Europa’s shares on both the AIM market of the London Stock Exchange and the Johannesburg Stock Exchange (JSE) has been suspended pending the completion of the transaction.

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