Elementos (ASX:ELT) announces that it has satisfied all conditions under its option agreement to acquire up to 50% of Iberian Smelting, which owns the Robledollano tin smelting and refining facility in Spain.
Finalisation follows the completion of agreed smelter upgrades, administrative and regulatory documentation, due diligence, and a payment of €475,000 ($778,800).
A further €620,000 is payable in January 2027 under the deal terms.
Managing Director Joe David says the option becoming unconditional strengthens Elementos’ strategy to establish a fully integrated European mine-to-metal tin supply chain.
“By aligning downstream smelting and refining capacity with the Oropesa Tin Project, we are strengthening our position within Europe’s critical minerals sector and supporting the strategic objectives of both the European Union and Spain,” David says.
“This integrated mine-to-metal planning is generating strong support from the government, industrial customers, strategic investors, and financing partners.
“This new supply chain is planned to contribute meaningfully to the EU’s goal of sourcing at least 10% of its primary raw materials from domestic production.
“The smelter provides a pathway for the Oropesa tin concentrate to be converted into refined tin metal and sold into European and North American markets, where customers currently pay significant delivery premiums above benchmark tin prices.”
David adds that the company is ‘pleased’ with the recently completed smelter upgrades and already sees commercial benefits at the facility.
The two-stage option is exercisable on or before October 2030 by Elementos’ Spanish subsidiary Spain Tin Smelting.
Located in Andalucía, the Oropesa Project is Elementos’ flagship asset described as one of Europe’s most advanced tin development projects.
The company is currently progressing Oropesa through permitting, financing, and offtake arrangements following a Definitive Feasibility Study.
Elementos is a tin and critical minerals developer with assets in Spain and Tasmania.
Write to Paula Fabe at Mining.com.au
Images: Elementos
