European Green Transition (EGT) has been granted a three year extension for the Pajala copper-graphite licences in Northern Sweden.
The licence extensions have been granted by Bergsstaten, the Swedish Mining Authority, for a further three years until March 2028, following assurance that sufficient work has been completed to progress Pajala.
The license extensions provide the company with additional security to advance discussions with third parties as EGT seeks to sell or partner the project. Further updates on this process will be provided in due course.
"Securing the three year extensions on our Pajala copper-graphite project is a critical and timely step for EGT,” said Daniel Akselson, non-executive chairman of EGT.
“The strength and resilience of copper prices highlights its critical role in the electrification of the global economy and continues to make European copper projects attractive to third parties. The length of the extension term is a key factor for any potential incoming acquiror or partner, providing them with sufficient time to plan the next stage of project development. We remain focused on monetising both the Olserum rare earth and Pajala copper projects in Sweden as we focus our resources on acquiring revenue-generating businesses supporting the green energy transition."
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Potential buyers or partners should find this licence extension reassuring. We await news on any possible transaction with interest.