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I am pretty sure you will see a refinery in Portugal. Think there are two planned and AMD / SAV are looking to develop

CM, Hi.

Couple of failed attempts to reply. Good to hear from you and hope all is well.

When you talk about Portugal’s battery industry I would be inclined to broaden it out to European. It’s only a few years when we were hearing of new gigafactories being developed and we were questioning as to where the raw materials supply were to come from, and the processing. The European options are so limited, if they are to have any industry to speak of, Portugal will have to feature.

This was a reply from HK Lithiumionbulll to a message about Galp’s withdrawal. I found it quite interesting.

“EU is ahead of USA a bit with AMG and Keliber and hopefully both of them will succeed and grow. Unlike peer oil companies Exxon/Equinor etc GALP chose conventional hydroxide process from spodumene rather than speculate on DLE oil brine - a not unreasonable strategy. But the "merchant converter" model they pursued is very hard. If you own your own rock you may no longer be God, but if you don't own or lock in supply to any rock you don't have a business. Watching their JV partner Northvolt go bankrupt and watching lithium price volatility result in the opposite of "software margins/money printing" to quote Elon, it is understandable why GALP ended this project.”

Europe seems to want all hoops completed before licence rather than licence subject to hoops being completed. As he says Galp lacked the underpin of resource as a merchant converter. Not many options in Europe and AMD managed to get their feet under the table with their tie up with Sav, in Galp’s backyard.

Sav are now dry much in the latter stages of the hoops and the link will hopefully help both companies thrive. One might have thought that with the demise of the NV/Galp venture that had been notionally allocated almost 1bn from the recovery fund, that financing for both mining and processing on AMDs modular system to increase production will be available, especially if Strategic Project status is awarded from the EC in December. Something to look out for, even in this dire market. Meanwhile there are other planned battery makers in Portugal, Iberian peninsula and Morocco

This has had the gestation of a prehistoric elephant if not a brontosaurus so can well understand looking at other options in what have been severe headwinds. It’s getting closer, and I can’t see viable or better alternatives in Europe. Could do with Portuguese Gov and EC commitment

Https://www.galp.com/corp/en/investors/publications-and-announcements/investor-announcements/investor-announcement/id/1566/galp-decides-not-to-move-forward-with-aurora-project

With NV troubles, this is hardly a surprise.

Nature hates a vacuum and with about €1bn notionally allocated previously, alternatives may have an extra spring in their step

In all but name. - finance whilst they restructure - doubt that VW board and other investors will be expecting a positive return on their shareholdings .

Https://x.com/savannahres/status/1859950027428266357?s=61&t=AJxxcVs_tbxqv1S84UYMow

Some positive comment here.

I wonder whether the segment regarding ‘strategic’ and ‘project’ was in bold type for any particular reason in the run up to December.

Another 2m at 4p

It’s patently obvious that something is going on and has been for an extended period. The company needs to comment.

10%. Will he be invited onto the board?

Dont think you are the only one as many will be wondering what is going on and how it is that what might be normal market mechanics greased with a fluctuating price would seem to have been suspended for 6 months (and counting). I amongst many would like to understand as currently I feel distinctly uninformed.

In case it’s missed, 10m changes hands earlier today but reported after close.

Dubby May well be right.

Mick, hi,

I meant on this board and certainly not that the duck isn’t paddling below.

It might be 9 whole days since anyone posted anything.

This may break the silence, but that’s all it does. Nothing to add or comment on other than the flat silence reflecting the current becalmed state.

Nothing last forever.

Carry on breathing for as long as possible, your taxes are needed.

I know that the EC often seems to do a Geoff Boycott prod into the covers for no run, but to be fair, they have run reasonably close to timetable even if the proposed destinations are not exactly where we, or many, would like to go.

If it’s in the timetable, they will say something about successful bidders though no doubt for those that are not picked, they will word salad with further assessments/ additional information sought requiring more time along with an audio file of a can landing further down the calendar.

I shall still be taking deep breaths and will listen in.

Who knows whether SAV will get the nod from the EC and be designated as a Strategic Project but the first phase is set for announcement in December. That makes it somewhere between say the next 4-7 weeks.

Whilst we wait for all the other news, this would certainly be good news should it happen and in the lithium space, SAV is a front runner.

Https://x.com/savannahres/status/1851600846141772026?s=61&t=AJxxcVs_tbxqv1S84UYMow

An English précis of the interview highlights last week.

Is it starting to stir itself out of hibernation.

Grupo Lusiaves and/or Mário Nuno dos Santos Ferreira would seem to be carrying on with their slow build, that is unless there is another Mr 4p buyer. 3.5m in the pot again today to add to the existing accumulation. Steady, consistent, no boat rocking or fanfare - almost stealthy.

For those that might remember that nightmare lullaby,

I CAN SEE A NASTY SPIDER, CREEPING UP ON ME.

HE SAYS HE’S GONNA GOBBLE ME UP, AND EAT ME WITH HIS TEA.

HE SAYS THAT HE WILL BUT HE WONT,………..

This ‘delay’ and their reticence has been known for a number of months. Hence SAV and AMG exploring the options with their modular build out potential. GALP couldn’t / wouldn’t commit to the timescale to benefit from grants (not necessarily their fault) and it perhaps adds pressure on whichever Government to open up and take some political decisions.

You could imagine therefore how important it is for SAV to do everything to the utmost at all possible levels, so it can be held up as an exemplar for what is actually possible with ‘new’ mining. Achievable targets.

Https://x.com/jamesmelville/status/1850860830369198581?s=61&t=AJxxcVs_tbxqv1S84UYMow

They are unlikely to be the only ones. A call to action?

Anyone remember the Two Ronnies Mastermind sketch, answering the previous question.

There always seems to be the reporting of deals done the day before being slipped out, avoiding the daily volume or trading flow. Only a few weeks before the EU details their strategic projects which might prove interesting.

Good interview. Covers a lot of ground, fair and balanced and I would venture, makes arguments against quite hard and seem rather Luddite

Https://x.com/savannahres/status/1847250072482062456?s=61&t=AJxxcVs_tbxqv1S84UYMow

Hope there are subtitles.