Savannah Resources Finds Richer Lithium Deposits in Portugal

Savannah Resources, a London-listed company, reports that drilling results at their lithium mine site in northern Portugal reveal richer reserves than anticipated. The site, containing the most significant spodumene deposit in Europe, has an estimated 28 million metric tons of high-grade lithium for electric car batteries. Despite resistance from locals and environmentalists, Savannah continues its efforts to acquire the necessary land for their four-mine project.

Savannah Resources, a London-listed mining company, announced on Thursday that drilling results at their northern Portugal site have revealed richer lithium reserves than initially anticipated. This discovery cements the site's status as the most significant spodumene deposit in Europe, with an estimated 28 million metric tons of high-grade lithium essential for electric car batteries.

Technical Director Dale Ferguson highlighted that test results from eight drill holes across three new areas indicate potential expansion in multiple directions. Portugal, already Europe's largest lithium producer for the ceramics industry, has known reserves of 60,000 metric tons.

The Barroso region, a Food and Agriculture Organization heritage site, hosts one of Europe's richest mineral deposits. Despite Savannah's keen interest in supplying the EV sector, they face opposition from local residents and environmentalists, including protests and legal challenges. The company requires approximately 840 hectares for its four-mine project but has only acquired or is in the process of acquiring 93 hectares as of September 2023, and may seek government authorization for compulsory land acquisitions.

(With inputs from agencies.)