MINEX Forum

Tag: Savannah Resources

  • Public Backlash Grows as Savannah Resources Pushes Ahead with Lithium Plans in Boticas

    Public Backlash Grows as Savannah Resources Pushes Ahead with Lithium Plans in Boticas

    Savannah Resources’ latest update on its lithium mining plans in Boticas has triggered a wave of public backlash, with nearly 500 critical comments appearing under the report published by SIC Notícias. The response reflects rising public awareness and concern over large-scale extractive projects long opposed by environmental groups and local communities.

    Despite holding 27% Portuguese share capital and enjoying backing from the European Commission, Savannah continues to face deep mistrust. Citizens reacting to the news accused authorities of “selling the country in pieces” and appealed to the media to help resist “economic interests” they see as threatening Portugal’s landscape and rural communities.

    Critics also linked Savannah’s project to a broader trend of mega-developments — from lithium and copper mines to vast photovoltaic parks — that they fear will leave Portugal depleted of its natural assets. Activists from the movement opposing the massive Sophia Solar Park echoed the concerns, calling the situation a “calamity” and urging immediate resistance.

    Savannah, however, remains optimistic. The company aims to begin construction at the Barroso mine by late 2026 and start production in 2028. It has also secured the Aldeia concession, where it plans to extract lithium, quartz and feldspar. CEO Emanuel Proença said studies show larger-than-expected lithium resources at Boticas, projecting long-term economic benefits and job creation through on-site processing.

    Planned infrastructure includes a factory, internal roads, water reservoirs, a WWTP, offices and a laboratory — all scheduled to be built in parallel over an 18-month period. Savannah is currently awaiting government approval for a second administrative easement for geotechnical work, already facing strong local opposition.

    While the company continues to detail its engineering, financing and regulatory preparation, public sentiment appears increasingly hostile. Local residents and environmental advocates remain unconvinced and continue to challenge the project at every stage.

  • Savannah Resources Raises £9.2 Million in Oversubscribed Fundraise to Advance Barroso Lithium Project

    Savannah Resources Raises £9.2 Million in Oversubscribed Fundraise to Advance Barroso Lithium Project

    Savannah Resources Plc (AIM: SAV, FWB: SAV, SWB: SAV) announced it has successfully completed an oversubscribed £9.2 million (US$12 million) capital raise through a Placing and Subscription, with strong demand from existing and new institutional investors.

    The fundraising, managed through an accelerated bookbuild by SP Angel Corporate Finance LLP (Global Coordinator and Joint Bookrunner), alongside Canaccord Genuity Limited, Caixa-Banco de Investimento S.A., and Alantra Equities S.V. S.A., was significantly oversubscribed and scaled back as a result.

    The Company raised £5.9 million (US$7.6 million) via the Placing of 158.7 million shares and a further minimum £3.4 million (US$4.4 million) through a Subscription of at least 90.8 million shares, both at an issue price of 3.7 pence per share.

    Savannah’s Retail Offer remains open until 12:00 p.m. on 11 November 2025, after which final subscription totals will be confirmed.

    Use of Proceeds

    Net proceeds from the fundraise will strengthen Savannah’s financial position and accelerate development of the Barroso Lithium Project in northern Portugal — the largest battery-grade spodumene lithium resource in Europe and a European Commission “Strategic Project” under the Critical Raw Materials Act.

    Funds will be used to:

    • Acquire the Aldeia Mining Lease, which contains the highest-grade deposit within the Barroso Project area.

    • Advance Front-End Engineering Design (FEED) and long-lead item procurement.

    • Progress grid connection work and land control for infrastructure.

    • Cover project financing costs and provide additional working capital.

    CEO Statement

    Emanuel Proença, Chief Executive Officer, commented:

    “The strong demand from investors, which exceeded our US$12 million target, reflects growing confidence in the Barroso Lithium Project and renewed optimism in the lithium sector.

    With total cash reserves of approximately £20 million (US$26 million), Savannah is well positioned to move beyond the DFS and into pre-construction with confidence.

    The additional capital allows us to acquire the Aldeia Mining Lease and further progress critical workstreams ahead of construction.”

    Proença added that Savannah continues to expand its institutional investor base across Portugal, the UK, and Europe, with participation from both sector specialists and generalist investors. Retail investors are now able to participate through the open offer.

    Related Party Participation

    Key management and major shareholders took part in the subscription:

    Participant Subscription Shares Value (£) Resulting Shareholding
    Rick Anthon (Chairman) 550,676 £20,375 1,264,962 shares
    Emanuel Proença (CEO) 387,676 £14,352 3,124,556 shares
    Henrique Freire (CFO) 220,050 £8,135 2,520,050 shares

    Major shareholders also increased their stakes:

    • AMG Lithium B.V. subscribed for 39.1 million shares, bringing its total to 400.8 million shares.

    • Grupo Lusiaves SGPS, S.A. subscribed for 24.95 million shares (total 255.9 million).

    • Pluris Investments S.A. subscribed for 24.95 million shares (total 255.9 million).

    Their participation constitutes a related party transaction under AIM Rule 13. Independent directors Diogo da Silveira and Bruce Griffin reviewed the terms and deemed them fair and reasonable for shareholders.

    Admission and Next Steps

    Application has been made for the new shares to be admitted to trading on AIM. Dealings in the Placing and Subscription Shares are expected to commence at 8:00 a.m. on 12 November 2025.

    A separate announcement will follow for the Retail Offer results and Admission of additional shares.

    About Savannah Resources

    Savannah Resources Plc is a European lithium development company focused on the Barroso Lithium Project in northern Portugal. Once operational, the project is expected to produce around 190,000 tonnes per year of spodumene concentrate, enough lithium for approximately 500,000 electric vehicle battery packs annually.

    Through responsible development, Savannah aims to support Europe’s energy transition and contribute to the EU’s target of 10% domestic lithium supply by 2030.

  • Portugal’s Lithium Debate Intensifies as EU Pushes for Faster Mining Projects

    Portugal’s Lithium Debate Intensifies as EU Pushes for Faster Mining Projects

    Portugal has once again become a focal point in Europe’s race to secure lithium for electric mobility, as the European Commission presses for the removal of barriers delaying mining projects. This comes just as Savannah Resources, a UK-based company, announced a major increase in estimated resources at its Barroso project in Boticas, northern Portugal.

    Savannah reported that confirmed resources at Barroso have risen by 40% to 39 million tonnes, with exploration targets potentially lifting that figure to 62 million tonnes. The company suggested that in time, deposits could exceed 100 million tonnes of lithium mineralisation — theoretically enough to supply batteries for 47 million electric vehicles. The project, flagged by Brussels as one of three “strategic” lithium developments in Portugal, benefits from simplified licensing procedures under the EU’s Critical Raw Materials Act.

    However, local opposition remains fierce. Communities in Covas do Barroso, environmental groups, and academics argue that the mine would devastate heritage landscapes, deplete scarce water resources, and offer limited returns given Portugal’s comparatively small reserves. Despite being described as Europe’s largest deposit, Portugal holds just 60,000 tonnes of lithium reserves — far less than global leaders such as Chile, Australia, and China, which hold millions of tonnes.

    Former PSD environment secretary Joaquim Poças Martins has warned that lithium cannot be a long-term solution for Europe’s energy transition. “You cannot destroy a mountain in order to extract a few kilos of lithium,” he said, pointing instead to hydrogen as a more viable energy storage alternative.

    The European Commission, led by President Ursula von der Leyen, maintains that lithium projects are vital for reducing dependence on China and other dominant suppliers. Von der Leyen this week called for urgent action to fast-track such initiatives, citing lithium processing in Portugal as a priority.

    Yet Portugal’s environment minister Maria da Graça Carvalho has acknowledged the difficulty of advancing projects “against the will of everyone around you.” Meanwhile, a UN committee recently ruled that Portuguese authorities failed to respect citizens’ rights to environmental information and participation in the case of the Barroso mine.

    For residents, the stakes remain high. Campaigner Aida Fernandes of United in the Defence of Covas do Barroso argues the mine represents “destruction in the name of climate protection,” while former mayor Fernando Queiroga has warned that water scarcity could make the project disastrous during drought years.

    With Brussels urging speed and locals vowing resistance, Portugal’s lithium question has become a defining test of how Europe balances strategic ambitions with environmental and social sustainability.

  • Savannah Resources Lifts Barroso Lithium Reserves by 40%, Reinforcing Europe’s Largest Deposit

    Savannah Resources Lifts Barroso Lithium Reserves by 40%, Reinforcing Europe’s Largest Deposit

    Savannah Resources (LON: SAV) has increased the reserve estimate for its flagship Barroso lithium project in northern Portugal by 40%, strengthening its role as Europe’s largest spodumene deposit.

    Following additional prospecting work, reserves are now pegged at more than 39 million tonnes, up from 28 million tonnes. The announcement pushed Savannah’s shares up 2.4%, giving the London-listed company a market value of £104 million ($141.5 million).

    Savannah highlighted the project’s importance to Europe’s battery value chain, noting its potential as both a strategic supplier of raw lithium and a long-term contributor to regional economic development. The company plans to develop four open-pit mines capable of producing enough lithium annually to power batteries for around 500,000 electric vehicles. Subject to permitting and financing, production is expected to start in 2027.

    At full operation, the mine is forecast to process 1.5 million tonnes per year over a 14-year lifespan, based on a resource of 20.5 million tonnes grading 1.05% lithium oxide.

    However, the project has drawn strong opposition from local communities and environmental groups. The Barroso region, recognized as a World Heritage agricultural site since 2018, has raised concerns over potential impacts on land, water resources, and biodiversity.

    Savannah said it expects to complete its definitive feasibility study and secure environmental licensing by the end of the year. The company also dismissed recent media reports claiming a United Nations committee had accused Portuguese authorities of breaching international law during the project’s approval process.

  • Savannah Resources Pushes Back on Claims Portugal Withheld Barroso Mine Data

    Savannah Resources Pushes Back on Claims Portugal Withheld Barroso Mine Data

    Savannah Resources (LON: SAV) is pushing back against media reports that a United Nations committee has accused Portuguese authorities of violating international law during the approval process for the company’s Barroso lithium project.

    In a statement to MINING.COM, Savannah’s Communications Manager António Neves Costa said that two of the public bodies named in the UN document have clarified their positions, stating that no step of the licensing process was carried out in violation of Portuguese law.

    The clarifications follow a report by the Aarhus Convention Compliance Committee, which alleged that Portugal failed to guarantee citizens’ rights to environmental information and participation during the project’s licensing process.

    The Portuguese Environmental Agency (APA) said the Barroso project underwent the longest public consultation period ever granted to an industrial project in the country, spanning more than 110 days. The Northern Regional Coordination and Development Commission (CCDR-N) also rejected the suggestion that it withheld information, stating that all documents were made available in line with national law.

    According to Reuters, the UN committee’s findings have reinforced calls from local residents and environmental groups for the project’s license to be revoked. The APA, while noting a “divergent interpretation” of the Convention, maintains that it acted in strict compliance with administrative procedures.

    Savannah Resources is seeking to develop what it calls Western Europe’s largest mine of spodumene, a hard-rock form of lithium. The company plans to build four open-pit mines in northern Portugal, with the goal of producing enough lithium annually for 500,000 to one million electric vehicle batteries. First output is slated for 2027.

  • UN Committee Rules Portugal Breached Treaty in Barroso Lithium Mine Approval

    UN Committee Rules Portugal Breached Treaty in Barroso Lithium Mine Approval

    Portugal violated international obligations by restricting public access to information during the environmental licensing of Europe’s largest lithium mining project, a UN committee ruled on Wednesday.

    The Aarhus Convention Compliance Committee found that the country’s environmental agency, APA, failed to uphold citizens’ rights to information and participation in the approval process for Savannah Resources’ Barroso project in northern Portugal. The Barroso region, recognized as a World Heritage agricultural site since 2018, has been at the center of a fierce debate between mining interests and local communities.

    In 2023, APA conditionally approved the mine, operated by London-listed Savannah Resources, but residents and environmental groups have continued to resist the project. They argue that the UN ruling reinforces their demand for the license to be revoked.

    According to the committee, APA did not respond to environmental information requests within legal deadlines and, when denying access, failed to inform citizens of their right to appeal. The complaint was lodged in 2021 by Spain’s Montescola Foundation, with two Portuguese groups acting as observers.

    Montescola President Joam Evans welcomed the ruling, saying, “The environmental permit should be revoked.”

    APA defended its actions, stating it had always complied with administrative law and made the required information available, albeit with a “different interpretation” of the convention. Savannah declined to comment.

    The miner has described Barroso’s spodumene deposit as Europe’s largest, with reserves of at least 28 million tonnes of high-grade lithium, and plans to begin production in 2027 to supply the electric vehicle sector.

  • Savannah Resources Raises £4.24M to Advance Barroso Lithium Project in Portugal

    Savannah Resources Raises £4.24M to Advance Barroso Lithium Project in Portugal

    Savannah Resources Plc (LON:SAVS, AIM:SAV) has successfully raised £4.24 million ($5.81 million) to fund its flagship Barroso Lithium Project in northern Portugal, the company announced on Friday. The fundraising was completed through an accelerated bookbuild and subscription, with shares priced at 3.5 pence each.

    The raise included £2.22 million via a placement of over 63 million shares and a minimum of £2.02 million from the subscription of nearly 58 million shares. Savannah’s retail offer remains open until July 1, with final figures to be announced thereafter.

    Key institutional investors participated in the raise, including AMG Lithium B.V., Al Marjan Limited, Grupo Lusiaves SGPS, and Mário Nuno dos Santos Ferreira, as well as company directors Rick Anthon and Dale Ferguson, who subscribed for a combined 1,000,002 shares.

    The new shares are set to begin trading on AIM on July 2.

    CEO Emanuel Proença emphasized that the proceeds will bolster Savannah’s financial position and support continued development of the Barroso Lithium Project, designated a Strategic Project by the European Commission under the Critical Raw Materials Act in March 2025.

    According to the company, Barroso is Europe’s largest defined battery-grade spodumene lithium deposit and is forecasted to supply enough lithium for around 500,000 EV battery packs annually once in production.

    The bookbuilding was led by SP Angel Corporate Finance LLP, with Canaccord Genuity Limited, Caixa-Banco de Investimento, S.A, and Alantra Equities, SV, S.A acting as joint bookrunners.

  • Savannah Resources Appoints Ex-Ministers to Steer Controversial Lithium Mine Forward

    Savannah Resources Appoints Ex-Ministers to Steer Controversial Lithium Mine Forward

    Despite persistent local resistance and legal challenges, Savannah Resources continues to press ahead with its controversial open-pit lithium mine in Barroso, northern Portugal. The company announced the formation of a new advisory committee, composed of former Portuguese government ministers Luís Mira Amaral (PSD) and Luís Amado (PS), German supply chain specialist Astrid Karamira, and former EDM president Carlos Caxaria.

    Savannah’s CEO Emanuel Proença stated that the committee’s role is to provide strategic guidance to ensure the “success and sustainability” of the Barroso lithium project, which is slated to begin production in 2027. The mine received a conditional Environmental Impact Statement (EIS) in 2023 and has been classified as a strategic project by the European Commission under the Critical Raw Materials Regulation.

    However, opposition remains fierce. NGOs including Unidos em Defesa de Covas do Barroso (UDCB), MiningWatch Portugal, and ClientEarth have formally challenged the European Commission’s support, claiming the project’s environmental and social impacts were insufficiently assessed.

    Savannah argues that the mine could supply enough lithium to power over half a million electric vehicle batteries annually — more than three times Portugal’s yearly vehicle sales. Nonetheless, the lack of a domestic refinery has drawn criticism, with the original plan for a lithium processing plant by GALP now abandoned and a new facility only projected for 2028.

  • Portugal’s Battery Value Chain Accelerates with Five Game-Changing Developments

    Portugal’s Battery Value Chain Accelerates with Five Game-Changing Developments

    Portugal has taken monumental steps in establishing itself as a key player in the global battery value chain. Five major initiatives have been announced recently, marking a transformative moment for the nation’s green energy ambitions. Here’s a roundup of the latest developments:

    1️⃣ CALB Confirms Gigafactory Plans in Sines
    The world’s fourth-largest battery producer, CALB Group Co., Ltd., has officially approved the Final Investment Decision (FID) for a gigafactory in Sines. Construction of the initial 15 GWh facility is set to commence this year, with production expected by 2028. Read more here.

    2️⃣ Savannah Resources Resumes Field Work in Boticas
    Savannah Resources PLC has restarted operations at its Boticas concession. With plans to begin production of Europe’s largest lithium spodumene resource by 2027, the project is gaining momentum. Currently, a team of 50—mostly local workers—is actively involved. Discover more.

    3️⃣ Lifthium Energy Moves Closer to Refinery Project in Estarreja
    Lifthium Energy has identified Estarreja as its preferred location for a lithium refinery, signaling substantial progress. The company is already nearing completion of a €35 million pilot plant and an advanced R&D lab in Coimbra. Details available here.

    4️⃣ DST Group Partners with CALB on Battery Recycling and Storage
    DST Group from Braga has entered into a partnership with CALB, focusing on battery recycling and storage solutions, further strengthening Portugal’s green energy initiatives. Read about it here.

    5️⃣ Battery Cluster Portugal Gains Official Recognition
    Battery Cluster Portugal, which includes CALB, Savannah, Lifthium, DST, and over 50 other entities, has been designated as one of Portugal’s four key Competitiveness Clusters for 2024-2030. This recognition underscores the sector’s strategic importance. Learn more.

    These developments come at a pivotal time, as the European Commission unveils its new industrial plan to accelerate transformation in the automotive sector—a sector supporting nearly 15 million high-quality jobs. Savannah’s progress has been particularly endorsed by the Portuguese State, with the Ministry of Environment emphasizing the urgency of advancing the sector for national and European growth.

    Portugal’s battery value chain is not just about energy; it represents a broader shift towards economic sustainability and global competitiveness. The journey is challenging, but these milestones prove that the future is bright.

  • Europe names Savannah’s Barroso Lithium Project a ‘Strategic’ Asset

    Europe names Savannah’s Barroso Lithium Project a ‘Strategic’ Asset

    On March 26, 2025, the European Commission announced in Brussels that the Barroso Lithium Project, developed by Savannah Resources in Portugal, has been designated as one of 47 “Strategic” projects under the Critical Raw Materials Act (CRMA). This designation is given to projects that are deemed technically feasible within a reasonable timeframe and have a high likelihood of achieving their projected production volumes sustainably.

    This recognition places 𝐭𝐡𝐞 𝐏𝐫𝐨𝐣𝐞𝐜𝐭 𝐚𝐦𝐨𝐧𝐠 𝐣𝐮𝐬𝐭 47 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬 𝐚𝐜𝐫𝐨𝐬𝐬 𝐄𝐮𝐫𝐨𝐩𝐞 𝐜𝐡𝐨𝐬𝐞𝐧 𝐟𝐨𝐫 𝐭𝐡𝐞𝐢𝐫 𝐜𝐨𝐧𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧 𝐭𝐨:

    • Securing the EU’s strategic raw material supply
    • Meeting high environmental, social, and governance (ESG) standards
    • Demonstrating technical feasibility and cross-border benefits

    As a Strategic project, the Barroso Lithium Project will be eligible for coordinated support from the Commission, Member States, and financial institutions to aid in accessing finance and connecting with relevant off-takers. The project will also benefit from streamlined permitting processes and a commitment to upholding environmental, social, and governance standards. Savannah Resources will work with the European Commission to take full advantage of the opportunities provided by this designation, while continuing work on the Definitive Feasibility Study and aiming to begin production in 2027.

    Emanuel Proença, CEO of Savannah Resources, expressed pride in this recognition of the company’s years of work on the technical, social, and economic aspects of the project, which has created local jobs and contributed to the sustainable development of the region.

    The European Commission has identified the 47 projects, including Barroso Lithium, as significant in securing a domestic supply of strategic raw materials for the green and digital transitions, as well as the aerospace and defense sectors. The CRMA-listed raw materials include Lithium, Nickel, Cobalt, Copper, Manganese, Graphite, and Germanium.