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Savannah Resources

Savannah eyes batteries market in bid for Portugal mine ownership

Thu, 04/18/2019 - 10:22 -- John Shepherd
Savannah CEO David Archer

Commodities developer Savannah Resources has said it will become the sole owner of Portugal’s Mina do Barroso lithium project in Portugal through an all-share offer valued at around US$11.9 million.

The UK-based developer, which already owns 75% of the project, said full ownership would “provide greater exposure of Europe’s most significant spodumene lithium deposit” as it’s developed and commercialised.

Savannah’s CEO David Archer (pictured) said the move was being made at a time when “legislators and battery end users in the region have come to appreciate the need for Europe to have domestic sources of battery raw materials as the region seeks to reduce emissions from the transport sector via the transition to electric vehicles (EVs)”.

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