Savannah Resources celebrates Portuguese state grant for Barroso

(Alliance News) - Savannah Resources PLC on Friday said it received a grant from the Portuguese state, which will help towards the planned construction of Europe's largest spodumene lithium deposit.

Savannah shares shot up 41% to 5.35 pence each on Friday afternoon in London.

The Portugal-focused lithium development company said it will use the non-reimbursable grant of up to EUR110 million towards the Barroso lithium project.

Chief Executive Officer Emanuel Proenca said: "The award of this grant marks another, highly important, milestone for Savannah and the Barroso lithium project. The scale of the financial commitment being made by the Portuguese state will provide a significant contribution towards the project's capital expenditure as we target production from 2028.

"It also underlines the Portuguese state's significant support for the project's delivery, and mirrors similar recent actions taken by other governments in support of strategic projects elsewhere in Europe and around the world."

He added: "We are committed to fulfilling the demands and responsibilities associated with Portuguese state investment, and we have strong confidence in the State's commitment to continue to do its part in making Portugal's lithium battery value chain a success for the country's current and future generations."

By Tom Budszus, Alliance News slot editor

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