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Savannah Resources steams ahead with flagship Mina do Barroso project

The firm’s portfolio encompasses both assets with near-term production potential and longer-term development opportunities
Mina do Barroso
BigPicture
In May, the company said it expected to be able to “significantly” increase the existing resource at Mina do Barroso

• Multi-commodity mine developer
• Flagship lithium project in Portugal
• Has other assets in Oman, Mozambique and Finland

What Savannah Resources does

Savannah Resources PLC (LON:SAV) is a multi-commodity development company that focuses on developing profitable mining operations.

The firm’s portfolio encompasses both assets with near-term production potential and longer-term development opportunities.

What it owns

As of 16 May 2019, the group’s asset portfolio encompasses:

• The Mina do Barroso lithium project in Portugal

• Block 4 and 5 Copper projects in Oman

• The Mutamba Mineral Sands project in Mozambique

• Somero and Eräjärvi lithium projects in Finland

Inflexion points

• In May, the company said it expected to be able to “significantly” increase the existing resource and potential life of the mine at its Mina do Barroso project as an ongoing drill programme continued to yield high grade intersects

• In April, the group said it planned to take 100% control of Mina do Barroso, its flagship asset

• Earlier that month, Savannah boosted the resource at the project by 17% to 23.5mln tonnes

Blue Sky

Speaking to Proactive in mid-May, Savannah’s chief executive David Archer said the firm was making “very good progress” with a feasibility study for its flagship Mina do Barroso project, adding that the company had a “second mover advantage” as it sought to apply lessons learned from the first wave of Australian lithium developments to its Portuguese project.

The project is also attracting interest from potential industry partners and off-takers as well as an opportunity to develop a lithium conversion plant in Portugal which would allow the company to “lock down from end-to-end the whole lithium value chain in Europe”.

Archer has also hailed the establishment of a European cross-border battery cell consortium, which was set up by Germany and France.

"The Franco-German decision to establish this initiative, as well as the EU's plans to launch a European raw materials investment facility, highlights the seriousness of the EU to strongly commit to increasing its investment in the European lithium battery industry”, he said.

"Mina do Barroso’s relevance and location mean that it has the potential to be an extremely important strategic asset, playing a leading role in ensuring that Europe meets a significant portion of its demand for lithium internally.”

With shares trading at around 5.7p as of 16 May 2019, Savannah carries a market cap of £48.5mln.

CEO Interview – David Archer



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