Full story: https://grafa.com/en/news/australia/energy-transition-minerals-completes-penouta-mine-acquisition
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Energy Transition Minerals completed its acquisition of the Penouta tin-tantalum-niobium mine in north-west Spain to advance its critical minerals strategy.
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The transaction gives the company full ownership of an advanced mining asset as it progresses its application for a Section C exploitation concession.
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The acquisition supports the company's objective to become an established producer of important critical minerals in Europe.
Energy Transition Minerals (ASX:ETM) has completed the acquisition of the Penouta tin-tantalum-niobium mine in north-west Spain to secure full ownership of the advanced asset.
The transaction follows judicial confirmation of the company as the successful buyer in insolvency proceedings for €5.2 million.
“The completion of the Penouta transaction is a transformative milestone in ETM’s history as we continue our journey to become a producer of critical minerals, giving us full ownership of an advanced mining asset with a clear pathway back to production,” said Energy Transition Minerals Managing Director Daniel Mamadou.
The company stated that ETM Spain is progressing its application for a Section C exploitation concession, with a detailed operational review targeted for completion by the end of 2026 and environmental studies due in the first half of 2027.
The regulatory process serves as the primary operational timeline required to support the official recommencement of mining operations at the site.
Following the announcement, the Energy Transition Minerals share price was unchanged at $0.043.
The company recently concluded a preliminary off-take memorandum of understanding with trading house Traxys for potential production distribution from the project.
In addition to its European asset expansion, the business maintains development activities across its primary Kvanefjeld rare earths project located in Greenland.
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