08:56 AM EDT, 03/25/2024 (MT Newswires) -- Euro Manganese Inc. ( EMNAF ) over the weekend welcomed the European Union's final approval of the Critical Raw Materials Act.

The company said its Chvaletice project in the Czech Republic meets the law's criteria for recognition as a strategic project, allowing priority permitting and expanded access to funding.

Euro Manganese ( EMNAF ) said it plans to submit an application for recognition of Chvaletice as a strategic project as soon as the application process opens.

"We are pleased to see the EU's approval of the Critical Raw Materials Act and view this as a key milestone towards securing access to critical raw materials to support the energy transition," President and CEO Matthew James said.

"This announcement, in combination with the expected approval of the environmental and social impact assessment... position Euro Manganese ( EMNAF ) to become the only European producer of high-purity manganese in the battery value chain."

The company was near 52-week lows last Friday.