Shares in Zinnwald Lithium (LON: ZNWD) rose on Wednesday after the German state of Saxony endorsed the company’s namesake project, calling it vital for the “independent and sustainable supply of critical raw materials.”
Saxony’s economics minister, Dirk Panter, described the mine as a high-priority initiative that would help reduce Germany and Europe’s dependence on foreign raw materials.
“Especially in light of increasing international tensions, reducing raw material dependence is crucial for Saxony, Germany, and the European Union,” Panter said in a separate statement.
Zinnwald’s stock climbed on the news, trading more than 12% higher at 5.9 pence in London by mid-afternoon. This pushed the company’s market capitalization to £27.5 million ($35.5 million).
Earlier in the week, the company published a pre-feasibility study for Zinnwald, Europe’s third-largest hard rock lithium project, indicating mining operations could begin as soon as 2030.
Located in the heart of Europe’s chemical and automotive industries, the Zinnwald mine is expected to produce 18,000 tonnes of lithium hydroxide monohydrate (LHM) annually in its first phase—enough to supply batteries for 800,000 electric vehicles. Phase two would see production increase to 35,100 tonnes per year over a 40-year lifespan.
The European Commission recently identified 47 strategic projects aimed at jumpstarting the EU’s critical minerals sector and reducing reliance on imports, particularly from China. Zinnwald was not selected, but the state government said it plans to advocate for national support in Berlin.
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