European Green Transition (EGT) has been granted a four-year extension for its Olserum no. 21 license at the Olserum rare earth elements project in Sweden.
The Swedish Mining Authority has extended the licence to June 2029.
The Olserum no. 21 license covers a 10.99 square kilometre region in southeast Sweden, about six kilometres from the town of Gamleby, and 25 kilometres northwest of the larger port town of Vastervik.
The license area covers the historic resource at Olserum, which stands at 4.5 million tonnes grading 0.6% total rare earth oxides in the indicated category and 3.3 million tonnes at 0.63% TREO in the inferred category. Also included is the region covering EGT's recent 1,500 metre drill programme which confirmed the district scale potential of the Olserum project.
"Geopolitical uncertainty has highlighted the urgent need for Europe to establish a secure supply of REEs to support European industry,” said Cathal Friel, non-executive chairman of European Green Transition.
“There are currently no active REE mines in Europe, and we believe the Olserum REE project will be of critical strategic importance to the region in the years ahead. This license extension is a considerable step in our plans to monetise the Olserum project, as we seek to reallocate resources towards pursuing near-term revenue generating opportunities. We believe Olserum is one of Europe's most attractive rare earth assets and the receipt of a four-year license extension validates the work we have completed to date and strengthens the company's position in ongoing discussions with a third party through sale or partnership."
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European Green Transition has said all along that it wants to do a deal on Olserum. The four-year license extension could be critical for any incoming acquiror or partner of the Olserum REE project, and will strengthen the company's position in any discussions going forward.