Savannah Resources PLC - London-based mineral resource development company - Announces that Chief Executive David Archer is stepping down with immediate effect after nearly 9 years. He will be succeeded on an interim basis by Dale Ferguson. Outgoing CEO says: "I am immensely proud to leave the company and the Barroso Lithium Project well positioned to be a major European supplier of this strategic raw material."
Separately on Wednesday, accepts proposal to move the EIA evaluation process of the Barroso Lithium project to Article 16 phase. The decision comes after the Portugal's environmental regulator Agencia Portuguesa do Ambiente notified the company regarding the next stage of its review process. "Under Article 16, Savannah has up to six months to work collaboratively with APA to further optimise certain physical aspects of the project's design and associated environment, ecology and socio-economic considerations and resubmit them for consideration," Savannah notes.
Interim Chief Executive Officer Dale Ferguson adds: "Assuming a positive DIA decision is received at that time, or before, we believe the project's development would still be on track for it to be able to supply concentrate to Europe's first generation of lithium conversion plants as they come online in the mid-2020s. We, like APA, are committed to delivering an environmentally responsible and socially optimised Project."
Current stock price: 2.33 pence, down 30% in London on Wednesday
12-month change: 37%
By Xindi Wei; xindiwei@alliancenews.com
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Savannah Resources (SAV)