TIDMSAV
RNS Number : 2724R
Savannah Resources PLC
04 November 2021
04 November 2021
Savannah Resources Plc
(AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah' or the
'Company')
Matching the ICMM's Net Zero Scope 1 & 2 Commitments
With the 26(th) UN Climate Change Conference of the Parties
("COP26") now underway, Savannah takes the opportunity to endorse
the recent commitment made to a goal of net zero Scope 1 and 2
greenhouse gas ("GHG") emissions by the members of the
International Council on Mining and Metals ("ICMM") by 2050 or
sooner. Savannah is committed to moving towards the same Scope 1
and 2 net zero emissions goals but doing this in the 2020s and
2030s during the operating phase of its wholly owned Barroso
Lithium Project (the "Barroso Project", or the "Project") in
northern Portugal. Furthermore, in line with the ICMM membership,
Savannah is additionally targeting the reduction of its Scope 3
emissions. Producing a 'net zero' lithium product at the Barroso
Project would help to ensure that lithium entering the European
value chain generates the maximum environmental benefit it can when
operating in batteries.
Highlights:
-- Scope 1 emissions: In line with the commitment being made by
the ICMM members, Savannah is also actively engaged with suppliers
of mobile mining equipment to identify suitable zero-emissions
models which are expected to become available during the operating
phase of the Project
-- Scope 2: From the start of its operation, the Barroso Project
will benefit from the approximate 60% renewable energy contribution
to Portugal's grid power, however, Savannah is targeting the
provision of 100% renewable power to the Project
-- Savannah expects to have 100% renewable power provision in
place and be introducing zero-emission mining vehicles within the
first five years of production. This would ensure the majority of
the Project's operating phase is undertaken with Scope 1 & 2
emissions being actively managed towards zero
-- Savannah will also evaluate opportunities to reduce,
eliminate or partially or fully offset emissions generated in the
initial production phase so that the 'life of Project' emissions
are minimised
-- Scope 3: Like the ICMM membership, Savannah is also targeting
the reduction of its Scope 3 emissions which includes off-site
transport of product and raw materials. Savannah expects to
collaborate with its future contractors and customers on this
goal
-- For the Barroso Project Environmental Impact Assessment
study, consultancy Ecoprogresso estimated that, when operating, the
Project would produce a maximum of c.62,000t CO(2) equivalent
emissions per annum across Scopes 1 and 2, and a maximum of 96,200t
CO(2) equivalent emissions per annum across Scopes 1-3
-- By reducing the Project's Scope 1 and 2 emissions to zero,
Savannah would reduce the Project's overall emissions during its
operating phase by over 60%
-- Portugal's national GHG emissions in 2019 were approximately
60 million tonnes CO(2) equivalent per annum*. Hence, the Barroso
Project, prior to any specific emissions reduction activities being
taken, would have added just 0.16% to Portugal's national emissions
if it had been operating in 2019
-- Savannah estimates that the lithium from the Barroso Project
could help to remove approximately 100 million tonnes of CO(2) from
the EU transport sector once it is active in electric vehicle
batteries
David Archer, CEO of Savannah said: "Savannah welcomes the
commitment being made by the major mining companies that make up
the ICMM's membership to reducing Scope 1 and 2 emissions to net
zero by 2050, or earlier. Savannah hopes to achieve the same goals
but during the operation of its Barroso lithium Project in the
2020s and 2030s and will also look to reduce the Scope 3 emissions
that relate to the Project. This will ensure that the lithium from
Barroso enters the value chain with the smallest possible emissions
footprint and in turn will help to maximise the environmental
benefit of the subsequent lithium-ion batteries produced.
Savannah's efforts to minimise the Barroso Lithium Project's
emissions footprint will be matched by its commitments to other
environmental goals including water stewardship and energy use, and
using the Project to catalyse long-term socio-economic development
in the Barroso region."
*2019 national emissions data from:
https://rea.apambiente.pt/content/greenhouse-gas-emissions?language=en
Further information
Scope 1-3 definitions
-- Scope 1 emissions relate to the direct GHG emissions that a
company produces from owned or controlled sources, for example from
running petrol or diesel vehicles
-- Scope 2 emissions relate to a company's indirect GHG
emissions from the generation of purchased electricity and other
forms of non-renewable power
-- Scope 3 emissions cover all other indirect emissions that
occur in a company's value chain, for example the transport of raw
materials and finished products
About the International Council on Mining and Metals
Created in 2001, the International Council on Mining and Metals
brings together 28 mining and metals company members and over 35
national, regional and commodities association members, to
strengthen environmental and social performance and serve as a
catalyst for change, enhancing mining's contribution to society. As
a membership commitment, every ICMM company member adheres to the
Council's 10 Mining Principles, which were first set in 2003 and
have been subsequently enhanced, incorporating comprehensive
environmental, social and governance requirements, robust
site-level validation of performance expectations and credible
assurance of corporate sustainability reports with annual
disclosure. Over the years a series of 8 position statements have
been developed to accompany and strengthen the ICMM's
principles.
http://www.icmm.com/
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").
**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
David Archer, CEO
SP Angel Corporate Finance LLP (Nominated Tel: +44 20 3470 0470
Advisor)
David Hignell / Charlie Bouverat
finnCap Ltd (Joint Broker) Tel: +44 20 7220 0500
Christopher Raggett/ Tim Redfern
WH Ireland Limited (Joint Broker) Tel: +44 20 7220 1666
Jessica Cave/ Ben Good (Corporate Finance)
Adam Pollock/ Jasper Berry (Corporate
Broking)
Camarco (Financial PR) Tel: +44 20 3757 4980
Nick Hennis / Gordon Poole
About Savannah
Savannah is a diversified resources group (AIM: SAV) with two
development stage projects, the Barroso Lithium P roject , a
hardrock lithium project in Portugal which has the largest
spodumene lithium resource in Europe, and the world-class Mutamba
Heavy Mineral Sands Project in Mozambique, which is being developed
in a consortium with the global major, Rio Tinto. The Board is
committed to serving the interests of its shareholders and to
delivering outcomes that will improve the lives of the communities
we work with and our staff.
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".
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END
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