Energy Transition Minerals Ltd (ETM: ASX), an exploration and development company focused on developing and financing supply chains for critical metals and materials, has received Foreign Direct Investment (FDI) approval from the Spanish Government. This approval marks a crucial step towards completing the acquisition of the Penouta Tin-Tantalum Mine in Spain. The company manages exploration projects in Western Europe, North America, and Greenland, with a special focus on high-quality mineral projects.
The FDI approval confirms that ETM’s proposed investment in the Penouta mine and processing plant meets all regulatory and national security requirements. It also endorses the company’s financial capacity and suitability to operate strategic assets in Spain. Following this approval, and the recently executed land access agreement with the Dehesa da Chanca Community of Woods, the acquisition’s completion is now subject only to the formal transfer of the mining licences to ETM Spain by the relevant authorities. Completion is expected during the current quarter.
ETM Managing Director, Daniel Mamadou, stated that securing FDI approval, alongside the agreement with the Dehesa da Chanca community, represents a major step forward in establishing a long-term presence in Spain. He expressed encouragement by the Spanish Government’s support for foreign investment to facilitate the development of strategic sources of critical minerals for Europe’s energy transition. ETM will undertake a detailed operational review to determine the optimal path to recommission the Penouta mine after the acquisition.
The company intends to progress a development strategy underpinned by strong environmental stewardship and prioritising local economic participation. This includes applying best-practice environmental, social, and governance (ESG) standards, and prioritising local employment and skills development to support long-term project sustainability. ETM is committed to ensuring output from the Penouta mine remains available for the development of associated industries within the European Union and is actively engaging potential local off-take partners.
