Savannah Resources Secures Major Grant for Controversial Portuguese Lithium Project

Savannah Resources has been granted €110 million by the Portuguese government for its Barroso lithium project, marking official support despite local opposition. The deposit is Europe's largest, crucial for reducing reliance on Chinese imports. The funding aids Savannah's 2028 production target amidst heritage concerns.

London-listed Savannah Resources announced receiving a substantial €110 million grant from the Portuguese government for its lithium mining project located in northern Portugal, affirming official support for the Barroso venture that has faced local resistance.

As Europe's largest lithium deposit, the Barroso project is pivotal to diminishing Europe's dependency on Chinese imports of critical clean energy materials. The government grant will finance initial capital expenditures and incentivize operational milestones for the project, which faces local opposition due to its location on a World Heritage site.

Savannah's CEO, Emanuel Proença, emphasized the importance of this state-backed endeavor, noting it exemplifies strategic European support for significant carbon-neutral initiatives. The company targets commencing production by 2028.

(With inputs from agencies.)