My previous post was unfortunately moderated because it had" Unsubstantiated Information".
Therefore here again the facts:
On the German website until today 21.05.2022 there arestill old data which are no longer correct and these can mislead theshareholders who want to inform themselves on the website.
These are :
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https://europeanlithium.com/wolfsberg-lithiumprojekt/
- Existing contract for landside access with the landowner.
- DFS commenced in Q3 2018 and anticipated completionincluding completion of metallurgical test work will occur in Q3 / Q4 2019.
- Construction could start as early as 2019 and lithiumhydroxide production by the end of 2021 / early 2022 (subject to approval bythe Austrian government).
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Why does a company not manage to keep the website up todate in the country where it wants to make money in the future???
Because of the entrance of the mine there were disputeswith the land owners, which also the managers on site confirmed to themedia
......therefore the mine main entrance must be relocated.
Here again the corresponding facts and mediareports....which I translated with Google.
This time I abstain from a personal opinion....
15.06.2021
https://www.fma.gv.at/en/announcement-fma-imposes-sanction-against-european-lithium-limited-for-a-breach-against-the-ban-on-market-manipulation/
Announcement: FMA imposes sanction against European LithiumLimited for a breach against the ban on market manipulation
Release Date:June 15, 2021 |
Categories:
- Sanction
The Austrian Financial Market Authority (FMA) herebyannounces that it has imposed a fine of EUR 160,000 by means of a penal orderfor breaches of the Market Abuse Regulation (MAR - Regulation (EU) 596/2014)and disallowed Act 2018 (BörseG 2018; Börsegesetz 2018) againstEuropean Lithium Limited as a legal person by way of the accelerated conclusionof proceedings pursuant to Article 22 para. 2b of the Financial MarketAuthority Act (FMABG; Finanzmarktaufsichtsbehördengesetz) for the disseminationof information and messages that sent out false and misleading signals to themarket in relation to a financial instrument.
The penalty order is final.
16.06.2021
https://www.neue.at/allgemein/2021/06/16/european-lithium-muss-hohe-strafe-zahlen.neue
European Lithium has to pay high fine
Reason: violation of the ban on market manipulation.
The Financial Market Authority (FMA) announced on Wednesdaythat a fine of 160,000 euros will be imposed on the company European Lithiumfor violating the ban on market manipulation. By "disseminatinginformation and news that sent false and misleading signals to the market inrelation to a financial instrument," the FMA's reasoning reads.
According to Dietrich Wanke of European Lithium, thebackground is the legal dispute, which the Australian company has conductedover several years with the Glock Gut- und Forstverwaltung as the owner of theproperty. And the, according to Wanke, in 2019 in the context made statement ofa now former manager that there is no court case. A message that, in the viewof the FMA, is probably to be considered misleading for shareholders.
"Fine disproportionate"
However, Wanke sees "the high fine" as"disproportionate." As a consequence, European Lithium hasderegistered from the Vienna Stock Exchange and is now listed only in Sydneyand Frankfurt. It was anyway "only a service for the Austrianshareholders".
Regardless of this, however, the possible lithium miningseems to have moved into the distant future anyway. Wanke now speaks of atimetable until at least 2024, at which time "perhaps production canbegin." But that is all still "highly speculative," he said. Hecites the pandemic as one of the main reasons for the delays.
The company says that further exploration work is neededjust to complete the final feasibility study for mining. By June, however, theyhope to be ready. A feasibility study is necessary in order to be able to startwith the official approval procedures in the first place.
The legal dispute with Glock Gutverwaltung
According to ECM Lithium AT GmbH, the legal dispute withGlock Gut- und Forstverwaltung as owner of the properties was about pitdimensions and mining rights and about where prospecting activities can takeplace in the future and where lithium-bearing ore can be mined. This legaldispute was concluded a few weeks ago, according to European Lithium. "Inthis context, it could be clarified by an expert that there was no risk to thegroundwater and spring water of nearby communities in Styria at any time, asthe lithium deposit is located on the other side of the Koralpe and thereforethere are no impairments," it says on the part of European Lithium.
Second adit entrance
As a consequence, a second adit entrance has to be created.The main entrance will probably not be on Glock's property as originallyenvisaged by European Lithium. According to Wanke, two gallery entrances hadbeen planned anyway.
(20min delay)