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22/04/2024
Mining News

Savannah Resources lithium Portugal project in JV DD process managed by Barclays Bank

Savannah Resources announced that the Company is making positive progress on the ‘Strategic Partnering Process it is running to identify partners for the Barroso Lithium Project.

Barclays Bank PLC, acting through its Investment Bank and Barrenjoey Advisory Pty Limited have been appointed as joint financial advisers to lead the Process.

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Highlights:

Commercial interest in the Project and its spodumene lithium offtake has been strong for a number of years and increased significantly following the ‘DIA’ approval for the Project from Portugal’s environmental regulator and publication of a new Scoping Study earlier this year

To quantify the commercial interest received in the Project, the Company initiated an orderly Strategic Partnering Process in July, in which interested parties were invited to submit proposals outlining how they could assist Savannah with financing the Project’s development as part of a long term commercial relationship with the Company

Due to the high number of positive responses received from a wide range of groups, Savannah has now appointed Barclays and Barrenjoey as joint financial advisers to lead on the next phase of the Process. Barclays and Barrenjoey have significant experience in managing transactions in the lithium sector and the wider metals and mining industry

The Process is now focused on engaging with a short-list of potential strategic partners both willing and able to assist with the Project’s future development and financing, and which also bring complementary skills or additional opportunities to Savannah

Chief Executive Officer, Emanuel Proença said, “The level of interest we have received in our Strategic Partnering Process so far is extremely pleasing. This Process has resulted in attractive draft proposals from players situated at a number of different points along the lithium battery value chain, and from groups looking to gain exposure to this critical new industry. The level of interest in our Project reaffirms its quality and strategic value for the European lithium battery value chain over the long term.”

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