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Savannah (SAVNF) initiated a search for strategic partners for the Barroso project in July. The company invited proposals detailing how potential partners could contribute to mine development in a long-term commercial relationship.
Savannah announced on Monday that the project has garnered increased interest since receiving a positive environmental impact statement from the Portuguese Environment Agency (APA) in May.
Emanuel Proença, the CEO, stated that they have received appealing draft proposals from various players in the lithium battery value chain and groups seeking exposure to this emerging industry.
The next step, Proença noted, is to evaluate the proposals to identify partners who can assist Savannah in securing financing and offer additional benefits to the company and its stakeholders.
Savannah Resources, which secured a 75% interest in the Barroso lithium project in 2017, estimates the initial capital requirement at $236 million. The Barroso project, set to be western Europe’s largest spodumene lithium mine, will also produce a feldspar and quartz co-product for the ceramics industry.
Savannah plans to reduce the project’s direct emissions to zero and cut indirect emissions by 54% from the 2019 forecast, due to a potential decrease in the plant’s power requirement.
Over its 14-year lifespan, Barroso is projected to process about 1.5 million tonnes a year, based on a resource of 20.5 million tonnes at 1.05% lithium oxide. The company anticipates producing 191,000 t/y of 5.5% spodumene, potentially supplying a significant portion of Europe’s lithium demand in the future.
Company Website: https://www.savannahresources.com
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