(Alliance News) - Savannah Resources PLC on Tuesday said it has appointed Emanuel Proenca as its new chief executive officer.
The lithium development company said Proenca, who will become its first Portuguese CEO, will "give Savannah a constant high-level presence in the Portuguese business, political and media ecosystems."
Savannah said Proenca will initially join in a non-board capacity on Monday but will formally join the board in the first half of 2024.
Interim CEO Dale Ferguson, who assumed the role after David Archer stepped down in July 2022, will return to his previous role as technical director to lead the development of its Barroso lithium project.
Proenca previously served as CEO of Prio Supply. Prio is Portugal's largest green fuel and biodiesal producer and second-largest provider of electricity for mobility use. Savannah said he had caused Prio's earnings before interest, tax, depreciation and amortisation to multiply by twenty over the last six years.
"In that role, he has developed skills in managing a rapidly growing business, which are highly transferable to Savannah," commented Chair Matthew King. "He has also developed excellent relations with the Portuguese government, industry regulators, commercial partners in the energy sector, and service providers. He also has a strong record of maintaining a constructive rapport with local communities and other stakeholders.
"Emanuel has an ideal executive profile for Savannah as we look to take our Barroso lithium project through to production."
The Barroso project, located in northern Portugal, is Savannah's flagship project. In mid-July the company raised GBP6.1 million to increase its cash reserves and allow it to "move forward with great confidence" on the project's development.
Savannah Resources shares were down 3.0% at 3.59 pence in London on Tuesday.
By Emma Curzon, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Savannah Resources (SAV)