Savannah Resources raises lithium reserve estimate at Portugal mine project by 40%
LISBON - London-listed Savannah Resources said on Monday it has increased its estimate for the reserves of its lithium mine project in northern Portugal by 40% after completing additional prospecting work.
The estimated reserves of the Barroso deposit of spodumene — a lithium-bearing mineral — now stand at more than 39-million metric tons, up from the previous 28-million metric tons, which was already the largest such deposit in Europe, the company said in a statement.
Savannah said in a statement that "this substantial growth in resources" boosts the strategic importance of the project.
"This is both as a major contributor of raw lithium material to Europe's battery value chain, but also as a significant, long-term value creator for the local region," it said.
The company, which plans to build four open pit mines in the northern Barroso region to extract enough lithium each year for about half a million batteries for electric vehicles, expects to start production in 2027.
The success of projects like Savannah's in Portugal is seen as a key test of Europe's ability to reduce its dependence on imports from China and other countries for lithium and other materials essential to the transition to non-fossil fuel energy consumption.
However, Savannah has faced strong opposition from local residents and environmentalists as the project is in the Barroso region, which has been a World Heritage site for agriculture since 2018.
Barroso is Savannah's only venture and the company is working to complete the project's definitive feasibility study and final environmental licensing process by the end of the year.
Comments
Research Reports
Projects
Latest News
Showroom
ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...
VISIT SHOWROOM
Goodwin Submersible Pumps Africa is sole distributors for Goodwin electrically driven, submersible, abrasion resistance slurry pumps.
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
