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Savannah Resources joins newly established body to boost Portugal's battery value chain

Savannah is seeking to become Europe's most significant producer of spodumene lithium concentrate from its Mina do Barroso project in Portugal

Savannah Resources PLC -

Savannah Resources PLC (LON:SAV) said it joined the newly created Portuguese Association for the Battery Cluster (BATPower) as a founding member and has been elected to its board.

The association, also known as ‘The Cluster’, has been created to maximize Portugal's potential across the battery value chain and complement its strategically important lithium resources and its focus on becoming a European leader of lithium production.

BATPower will initially focus on lithium-ion batteries, with a commitment to develop areas such as refining and recycling, component manufacturing, cells, control electronics and complete batteries, applications, integration and certification. 

It also plans to invest in research and development of new technologies.

The renewable energy company, DST Solar, will assume the Presidency with other founding members including the integrated energy company, Galp, electrical equipment manufacturer, Efacec, technology and services group, Bosch and Prio, the owner of the largest private EV charging network in Portugal.

 "Portugal has all the characteristics to lead the development of the lithium value chain,” said Savannah's chief executive David Archer. “It has the largest resources of spodumene lithium in Europe and the largest spodumene development project in Western Europe, Savannah's Mina do Barroso. 

“Our project will ensure that mineral production is carried out in a responsible and environmentally sustainable manner and with clear socio-economic benefits for the surrounding communities.

"We look forward to playing an active role in Portugal's new battery cluster alongside the other founding partners. 

“Thanks to Mina do Barroso, Savannah can provide a responsibly managed and long-term source of lithium raw material which can act as the foundation for the creation of an in-country lithium value chain," he concluded.

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Price: 3.95 GBX

Market Cap: £66.71 m

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