Galp Energia comes on board with Savannah’s Mina project in Portugal
London-listed Savannah Resources has signed a heads of agreement (HoA) with Portuguese diversified energy group Galp Energia on a proposed strategic investment and alliance regarding the lithium field around the Mina do Barroso lithium project, in Portugal.
Galp intends to secure a 10% shareholding in Savannah’s Portuguese subsidiaries, which own Mina do Barroso, for $6.4-million in cash, which Savannah will use to progress the project’s definitive feasibility study.
Galp’s strategic presence and experience operating in Portugal is expected to help drive the project to production.
Savannah CEO David Archer comments that Galp is one of the leading European companies in the energy and renewables space, with a commitment to the energy transition and a wealth of experience in developing large-scale projects such as this.
“Their knowledge and experience will be invaluable to Savannah as we further progress the project forward in a responsible and sustainable way into development,” he adds.
The companies will also evaluate exclusive terms for an offtake agreement for up to 100 000 t/y of lithium concentrate from Mina do Barroso, equating to about 50% of its planned yearly production.
The agreement represents a significant step in commercialising the project and will be an important factor in securing financing for construction of the project, Savannah notes.
Mina do Barosso is expected to provide a series of economic, social, demographic and environmental benefits to the region, the country and Europe.
Particularly, the project can be a catalyst for development of new industries in the midstream and upstream part of Europe’s lithium-ion battery ecosystem, the company states.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
