Skorska Nickel-Iron Mine to Be Acquired by European Electric Metals

TIRANA, October 16

Canadian company European Electric Metals Inc. recently announced that it entered into an agreement to acquire 100 percent of the shares of the Iron-Nickel mine of Skorska in Librazhd.
According to the agreement, the company will buy the shares of Gerold, the company that currently holds the mine for a total of €5.41 million over three years, comprising payments totaling €5.2 million and share issuances valued at €210,000.
Based on the press release issued by European Electric Metals, the geological team believes that there is potential for high-grade cobalt in Skroska. Gerold used to run the 200 tons per day mine based on a fully permitted mining operation and a 20-year mining license issued in 2008.
The company focused on nickel production, but the action was stopped due to low nickel prices.
“All underground infrastructure and mining equipment necessary to conduct mining operations is in place, owned and onsite. The mine is 16 kilometers on a paved road to a rail loading station that connects the mine to a shipping port,” the press release highlights.

News Source: EEM

Photo Credit: Sofra e Skenderbeut by Librazhd City