Savannah Resources clarifies rumors: No current sale process for Barroso Lithium Project

In light of recent Portuguese press speculation, Savannah Resources Plc, the European lithium development company, has issued a statement confirming that it is not currently engaged in a sale process for its Barroso Lithium Project located in northern Portugal or the company itself. The company termed the media claims suggesting an impending sale as “unfounded and misleading.”

Savannah Resources noted that since its announcement on September 6, 2023, there has been a surge in commercial interest in the Barroso Lithium Project. The company is diligently working through an orderly process to identify and shortlist potential strategic partners who can contribute to the project’s financing and long-term growth. An update on commercial arrangements for the Barroso Lithium Project is expected to be released towards the end of the year.

Savannah Resources is committed to the responsible development and operation of the Barroso Lithium Project, minimizing its environmental impact while maximizing socio-economic benefits for stakeholders. The project is set to play a pivotal role in providing a long-term, locally-sourced lithium raw material supply for Europe’s rapidly expanding lithium battery value chain. Production is expected to commence in 2026, with an aim to produce sufficient lithium to power approximately half a million vehicle battery packs annually.

The company’s statement comes as it continues to field numerous commercial inquiries about the Barroso Lithium Project. Savannah Resources remains focused on establishing strong partnerships and financing options to advance the project’s construction and future operations.