Savannah to complete Barroso workstreams later than expected
Savannah Resources PLC on Monday issued an update on its timetable for the Barroso lithium project in Portugal, which remains on track for first production in 2028.
The Portugal-focused lithium development company expects the project’s definitive feasibility study, and environmental licence compliance process (RECAPE), to be completed in July.
Savannah had previously guided for the workstreams to be finished by the end of the first half of this year.
Savannah said good progress has been made to date, with the focus on completing various tasks including the closure of metallurgical test work, and the RECAPE final noise modelling having commenced.
‘To maintain momentum against the current positive lithium market backdrop, the DFS and RECAPE will now be completed without further data collection from fieldwork,’ Savannah said.
It added that it remains engaged with the relevant government ministry and agencies for the temporary land access process, and expects to receive approval in the near-term future.
Savannah, based on the new schedule, said it expects to receive the final environmental licence for Barroso in the third quarter, and to reach the final investment decision before the end of 2026. It is also conducting the tendering exercise for front-end engineering design work, and expects to choose an engineering company ‘in the coming weeks’.
The company reiterated its expectation for commissioning and first production in 2028.
‘With the outlook for the lithium market highly supportive of the Project’s future development and having sufficient capital ringfenced for the purpose, we are determined to move forward and complete the DFS and RECAPE work this summer...This is good news for all stakeholders, and it comes after detailed discussions and validation from our technical consultants and project finance advisers,’ commented Chief Executive Officer Emanuel Proenca.
Proenca continued: ‘Our course ahead is clear and the team and I look forward to achieving the many milestones which lie ahead for Savannah.’
Savannah Resources shares closed down 4.3% at 4.50 pence on Monday in London.
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