European Green Transition, EGT, has acquired an option to buy into a project to extract copper left over from an abandoned mine in western Cyprus.
According to the Irish Times, the company has obtained the option on the ‘copper tailings recycling project,’ which will give it a year to carry out due diligence at the Limni mine, near Polis.
The mine was backfilled with tailings over a decade ago. However, the Irish Times reports there has recently been a focus the potential for extracting copper from pit waters at the mine.
“The Limni project perfectly fits our aim to pursue what we believe are high-quality opportunities where we can potentially generate near term cash flow efficiently, while also prioritising the environment and local stakeholders,” EGT’s chief executive, Aidan Lavelle said. “In light of shortages and rising prices for the metal, we believe this project is potentially well placed to benefit from Europe’s green energy transition .”
For years, locals had thought the abandoned mine would be converted to a 36-hole golf course.
