Savannah Resources PLC - lithium development company focused on the Barroso project - Reports commercial interest in the project and its spodumene lithium offtake has been strong for a number of years. To quantify this interest, initiated a 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. Due to the high number of positive responses, appoints Barclays Bank PLC and Barrenjoey as joint financial advisers to lead on the next phase of the process.
Chief Executive Emanuel Proença says: "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."
Current stock price: 3.10 pence
12-month change: up 29%
By Jeremy Cutler, Alliance News reporter
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Savannah Resources (SAV)