Business
Savannah welcomes EU's Critical Raw Materials Act
Savannah welcomes EU's Critical Raw Materials Act.
About this update from Savannah Resources Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 17 March 2023\n \n \n \n \n \n \n \n \n Savannah Resources Plc\n \n \n \n \n (AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah' or the 'Company')\n \n \n \n \n \n \n \n Savannah welcomes the release of the EU Critical Raw Materials Act\n \n \n \n \n \n \n Savannah Resources, the European lithium development company, welcomes yesterday's publication of the Critical Raw Materials Act by the European Commission. The Act proposes a comprehensive set of actions to ensure the European Union's access to a secure, diversified, affordable and sustainable supply of critical raw materials, including lithium. The proposed Regulation will be now discussed and agreed by the European Parliament and the Council of the European Union before its adoption and entry into force.\n \n \n \n \n \n \n Highlights:\n \n \n \n ·\n The Regulation embeds both the critical and strategic raw materials lists in EU law, of which lithium is classified as both.\n \n \n ·\n The Regulation also sets clear benchmarks for domestic capacities along the strategic raw material supply chain and to diversify EU supply:\n \n \n o \n At least 10% of the EU's annual consumption for extraction\n \n \n o \n At least 40% of the EU's annual consumption for processing\n \n \n o \n At least 15% of the EU's annual consumption for recycling\n \n \n o \n Not more than 65% of the Union's annual consumption of each strategic raw material at any relevant stage of processing from a single third country.\n \n \n \n \n \n \n Dale Ferguson, CEO of Savannah said,\n \n \"On the same day as Savannah submitted the revised Environmental Report and Mine Plan for the Barroso Lithium Project, we were pleased to see the EU recognise the importance of raw materials as the key ingredient in achieving Europe's net zero ambitions.\n \n \n \n \n \n \"The Barroso Lithium Project can make a meaningful contribution to the targeted minimum 10% of EU sourced raw materials. Savannah welcomes the development of a common framework at the European level to recognise and support companies and their investments right from the beginning of the value chain, and to harmonise procedures in the future, such as permitting processes.\n \n \n \n \n \n \"Savannah is committed to being among the first of the new ...