Savannah Resources PLC (AIM:SAV, FRA:SAV, ETR:SAV, OTC:SAVNF) announced it has joined The Business Council for Sustainable Development (BCSD) Portugal, which it said reinforces its commitment to sustainability.
BCSD Portugal is a non-profit association that brings together and helps private and public sector companies that are actively committed to the transition to sustainability.
READ: Savannah Resources says well placed to continue work at Mina do Barroso lithium project
It provides the benchmark for corporate sustainability in Portugal, helping its members build innovative and sustainable organisations that will allow the delivery of Sustainable Development Goals, the United Nations 2030 Agenda and Paris Agreement.
The association already has 130 members including large Portuguese companies such as Delta cafés, EDP, Cimpor, Galp, Somincor and Sonae, and international companies such as Accenture (NYSE:ACN), BNP Paribas, Deloitte, Fujitsu, Microsoft, PWC and Siemens.
Savannah said its Mina do Barroso lithium project will be developed in accordance with the best environmental practices.
The development centres around investment of €110mln and the creation of 215 direct jobs and 500 to 600 indirect ones. Added to this is an amount of €6mln over the life of the mine to invest in benefits to local communities via its Benefit Sharing Plan and its Good Neighbour Plan.
For this, the company proposes, in the Environmental Impact Study of the Mina do Barroso project, 238 individual mitigation measures designed to eliminate or minimise impacts, during the entire life cycle of the project, involving an investment of approximately €15mln.
“We are delighted to have become a member of BCSD Portugal, again showcasing the importance that we place on promoting positive environmental, social and corporate governance initiatives within the company,” said Savannah chief executive David Archer.
“We strongly believe that the Mina do Barroso lithium project will significantly contribute to the low carbon future of the automotive industry and provide a fundamental foundation for the energy transition of Europe to electric mobility. The production of lithium spodumene from Mina do Barroso aims to place Portugal at the forefront of an essential value chain to successfully meet the environmental targets posed by the European Union's Green Deal."
Shares rose 4% to 3.99p on Thursday afternoon.