Portugal news – British mining company Savannah Resources will invest around 350 million euros to produce lithium in Portugal and production is expected to start by 2026.
British mining company Savannah Resources is the owner of the Barroso Lithium Project in northern Portugal which contains the most significant spodumene lithium resource in Western Europe, with a positive Scoping Study which outlined a conventional mine and concentrator operation producing 175,000t of spodumene concentrate per annum.
Savannah Resources, that expects to produce enough lithium spodumene to make between half a million and a million electric vehicles annually, will soon announce the name of their chosen partner who is expected to be an early-stage investor that will ensure the purchase of part of the ore produced.
While nearly half of the world’s lithium is mined in Australia (48.9%), followed by Chile (28%) and China (13.1%), Europe accounts for less than 1% of global lithium supply and is seeking to boost production by 2030.
The EU Critical Raw Materials Act, which came into force on May 23, 2024, sets benchmark targets to secure the supply of critical minerals such as lithium, copper and cobalt by 2030 to ensure Europe’s green and digital transitions. The new law stipulates that 10% of the EU’s annual consumption of critical raw minerals must be extracted in the EU; while 40% is to be produced in the EU and no more than 65% of the EU’s annual consumption for each mineral should come from a single country.
The Barroso Lithium Project in Portugal has the potential to deliver a third or even half of the 10% of European demand required by 2030, according to Savannah Resources.
Portugal’s Barroso region already has 17 active mines and quarries according to the GIAHS FAO classification, and the Barroso Lithium Project, that is expected to be Europe’s first major mine, will deliver its engineering project and environmental compliance report by the beginning of 2025.
Savannah Resources is listed on the London Stock Exchange’s Alternative Investment Market and ordinary shares are also available on the Frankfurt and Stuttgart Stock Exchanges.
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