Business
Mina do Barroso Lithium Project Update
Mina do Barroso Lithium Project Update.
About this update from Savannah Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3872A\n Savannah Resources PLC\n 01 June 2021\n \n \n \n \n \n \n \n \n \n \n 1 June 2021\n \n \n Savannah Resources Plc\n \n \n (AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah' or the 'Company')\n \n \n \n \n \n Mina do Barroso Lithium Project Update\n \n \n Savannah to evaluate additional strategic opportunities due to improved market conditions\n \n \n \n \n \n Savannah, the resource development company focused on becoming Europe's most significant producer of spodumene lithium concentrate ('Spodumene') from its Mina do Barroso Project in Portugal ('Mina do Barroso', 'MdB' or the 'Project'), is pleased to announce growing interest for offtake and strategic investments.\n \n \n \n \n \n Highlights\n \n \n ·\n This year's strong lithium market has resulted in the Company receiving increasing interest from groups seeking to strategically undertake investment in the Project or Savannah with or without requiring a spodumene offtake. The interest reflects the increasing appetite for exposure to the lithium value chain within the wider investment community.\n \n \n ·\n Amid this backdrop the Heads of Agreement ('HoA') with Galp (announced on 12 January 2021) has now expired, and discussions in relation to strategic investment and offtake will continue with Galp outside of the exclusive terms of the HoA.\n \n \n ·\n Meanwhile, Savannah intends to leverage this degree of commercial interest in MdB to create a strong economic platform to support the Project's development and to maximise shareholder value. Savannah is now evaluating its many strategic options.\n \n \n · \n This process may include alternative or supplementary offtake contracts, with or without investment from the offtaker(s) in Savannah or the project directly. It may also result in strategic investments in the Company independent of offtake, or the sale of a portion of the Mina do Barroso Project.\n \n \n ·\n Savannah's own financial position has been significantly strengthened during the period following the execution of the oversubscribed £10.3m fundraise in April 2021. This provides Savannah with the opportunity to independently advance the definitive feasibility study work at Mina do Barroso and add to its lithium project portfolio.\n \n \n · \n Savannah intends to leverage this degree of commercial interest...