TIDMSAV
RNS Number : 6462E
Savannah Resources PLC
03 July 2023
3 July 2023
Savannah Resources Plc
(AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah', or the
'Company')
Upcoming Project milestones
Savannah Resources Plc, the European lithium development
company, is pleased to confirm that, following the endorsement of
the Project (the 'DIA') by the Portuguese environmental regulator
and the positive Scoping Study, the Company is moving on swiftly
with the remainder of the environmental licencing process, the
Definitive Feasibility Study ('DFS'), and the secondary licencing
process for the Barroso Lithium Project (the 'Project').
Next steps
-- Requests for proposals have been made to numerous leading
specialist service providers to undertake the key tasks required
for both the 'RECAPE' phase of the environmental licencing process
and for the key remaining tasks required to complete the DFS.
-- Responses are due in by early July, and Savannah will move
promptly to select the service providers to begin the work as soon
as possible.
-- Savannah expects to complete the environmental licencing and DFS in the second half of 2024.
-- Savannah has also initiated the process to licence a new 60KV
connection and power line deviation to the Portuguese electrical
grid network at the Project. Between 1 January and 31 May 2023,
renewable sources generated over 73% [1] of Portugal's electricity,
which would represent an excellent starting position to meet
Savannah's stated target of achieving net zero emissions over the
life of the Project.
-- The grid connection represents the longest lead time item
among the secondary licences required for the Project, and the
process is expected to be completed by mid-2025.
-- Savannah has also initiated the procurement of services from
a leading specialist engineering company to undertake the licencing
requirements for the 17Km bypass road to the Project as per the DIA
conditions.
-- Other secondary licences, such as those required for
construction and use of water, should be secured during 2024.
Savannah's Chief Executive Officer, Dale Ferguson said , "Since
we received the DIA from Portugal's environmental regulator and the
Project's attractive economics were confirmed by the new Scoping
Study, Savannah has been focused on the work required to reach the
next major milestones for the Project. During the RECAPE phase of
the environmental licencing process, we are required to ensure that
all the design elements agreed with the regulator and the
conditions attached to the DIA are met in the Project's final
design. We are expecting to receive proposals from a number of
specialist service providers for completing the work required soon,
and our goal is to select providers swifty to allow us to push on
promptly with this compliance orientated phase of the licencing
process.
"The work required for the RECAPE overlaps significantly with
the work required to complete the DFS and a similar service
provider 'tendering' process is already underway for that study.
Over the coming months we will look to confirm the major service
providers for key tasks such as resource and geotechnical drilling,
all engineering aspects of the Project including the new access
road, transport and logistics, and market studies for spodumene
concentrate and Project's feldspar/quartz ceramic by-product.
Minsol will continue to act as the Company's metallurgical
consultant, as we look to complete larger scale testing of the
environmentally friendly process flow sheet for the Project which
was finalised last year.
"We have also begun the process of licencing a new electrical
connection for the Project with Portugal's grid power company,
E-REDES. This process is expected to take around 24 months, and is
the longest licencing process among the secondary licences for the
Project, including licences for construction and water usage.
"Away from the technical work on the Project, Savannah is
continuing its engagement efforts with local stakeholders to ensure
transparency around the next steps for the Project and to guarantee
that the significant socio-economic benefits identified in the
environmental licencing submissions and Scoping Study can be shared
with our local communities in the optimal way.
"Savannah is determined to build on the momentum created in
recent weeks by the crucial DIA decision and Scoping Study. To do
that we must engage the best service providers to assist us in
completing the licencing processes that remain and the DFS to
ensure that the Project can deliver the lithium raw material which
Europe needs in a timely and responsible manner."
Regulatory Information
This Announcement contains inside information for the purposes
of the UK version of the market abuse regulation (EU No. 596/2014)
as it forms part of United Kingdom domestic law by virtue of the
European Union (Withdrawal) Act 2018 ("UK MAR").
Savannah - Enabling Europe's energy transition.
**ENDS**
Follow @SavannahRes on Twitter
Follow Savannah Resources on LinkedIn
For further information please visit www.savannahresources .com
or contact:
Savannah Resources PLC Tel: +44 20 7117 2489
Dale Ferguson, CEO
SP Angel Corporate Finance LLP (Nominated Advisor Tel: +44 20 3470 0470
& Joint Broker)
David Hignell/ Charlie Bouverat (Corporate Finance)
Grant Barker/Abigail Wayne (Sales & Broking)
RBC Capital Markets (Joint Broker) Tel: +44 20 7653 4000
Farid Dadashev/ Jamil Miah
Tel: +44 20 3757 4980
Camarco (Financial PR)
Gordon Poole/ Emily Hall / Fergus Young
LPM (Portugal Media Relations) Tel: +351 218 508 110
Herminio Santos/ Jorge Coelho
About Savannah
Savannah Resources is a mineral resource development company and
sole owner of the Barroso Lithium Project in northern Portugal.
Savannah is focused on the responsible development and operation
of the Barroso Lithium Project so that its impact on the
environment is minimised and the socio-economic benefits that it
can bring to all its stakeholders are maximised. Through the
Barroso Lithium Project, Savannah can help Portugal to play an
important role in providing a long-term, locally sourced, lithium
raw material supply for Europe's rapidly developing lithium battery
value chain. Production is targeted to begin in 2026, producing
enough lithium for 0.5m vehicle battery packs per year.
The Company is listed and regulated on AIM and the Company's
ordinary shares are also available on the Quotation Board of the
Frankfurt Stock Exchange (FWB) under the symbol FWB: SAV, and the
Börse Stuttgart (SWB) under the ticker "SAV".
[1] Source: Associação Portuguesa de Energias Renováveis
(APREN)
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END
MSCUAUUROAUBRAR
(END) Dow Jones Newswires
July 03, 2023 02:00 ET (06:00 GMT)
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