Last checked at 30 Mar 2022 07:00
30 March 2022
Savannah Resources Plc
(AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah' or the 'Company')
ABB signs agreement with Savannah as plans progress for zero emission lithium project in Europe
Savannah Resources plc, the European lithium development company, is pleased to announce that it has signed a Memorandum of Understanding (the 'MoU') with global technology leader ABB in connection with the previously announced Decarbonisation Study for the construction and operation of Savannah's Barroso Lithium Project (the 'Project') in northern Portugal.
Savannah is undertaking a Definitive Feasibility Study ("DFS") for the construction of a lithium concentrate production facility in northern Portugal. The decarbonisation strategy, which was formally announced on 3 March 2022 is part of Savannah's commitment to move towards net zero Scope 1 and 2 emissions for the Project by maximizing the use of renewable electricity to power mineral production and processing operations. Savannah's strategic vision is to build a state-of-the-art mineral production operation for a premium, ultra-low carbon spodumene concentrate as a strategic raw material in Europe's battery supply chain.
Under the early-stage agreement, ABB will apply its technical expertise to outline production control and process solutions for lithium concentrate production and integrated spodumene mining operations in line with Savannah's target of zero emission operations by 2030.
Savannah will also work towards binding agreements with ABB in relation to electrification, automation and digital solutions in the future.
Commenting on the ABB MoU, Savannah CEO David Archer said: "ABB is at the forefront of the automation and electrification we require for our decarbonisation journey as we progress the development of the Barroso Lithium Project. We are pleased to have their expertise as we continue to execute on our decarbonisation strategy to build Europe's first spodumene production facility, as a critical supplier of low carbon raw materials for lithium-ion batteries. I look forward to providing our shareholders with further updates as we move towards binding agreements with ABB."
Commenting for ABB, Frederik Esterhuizen, HUB Division Manager, Process Industries Central & South Europe said: "The development of Savannah's Barroso Lithium Project provides us with an additional opportunity to showcase ABB's leadership in industrial automation and smart electrification in Europe, applied towards key operations for the emerging European battery supply chain. This is another step as we continue to enable more sustainable and fossil fuel free mining operations."
Further information
About ABB:
ABB (ABBN: SIX Swiss Ex) is a leading global technology company that energizes the transformation of society and industry to achieve a more productive, sustainable future. By connecting software to its electrification, robotics, automation and motion portfolio, ABB pushes the boundaries of technology to drive performance to new levels. With a history of excellence stretching back more than 130 years, ABB's success is driven by about 105,000 talented employees in over 100 countries. www.abb.com
ABB's Process Automation business is a leader in automation, electrification and digitalization for the process and hybrid industries. The business serves its customers with a broad portfolio of products, systems, and end-to-end solutions, including its # 1 distributed control system, software, and lifecycle services, industry-specific products as well as measurement and analytics, marine and turbocharging offerings. As the global #2 in the market, the business builds on its deep domain expertise, diverse team and global footprint, and is dedicated to helping its customers increase competitiveness, improve their return on investment and run safe, smart, and sustainable operations. go.abb/processautomation
Regulatory Information
This Announcement contains inside information for the purposes of the UK version of the market abuse regulation (EU No. 596/2014) as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").
**ENDS**
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For further information please visit www.savannahresources.com or contact:
Savannah Resources PLC David Archer, CEO
| Tel: +44 20 7117 2489
|
SP Angel Corporate Finance LLP (Nominated Advisor) David Hignell / Charlie Bouverat
| Tel: +44 20 3470 0470
|
finnCap Ltd (Joint Broker) Christopher Raggett/ Tim Redfern
| Tel: +44 20 7220 0500
|
WH Ireland Limited (Joint Broker) Jessica Cave/ Ben Good (Corporate Finance) Aimee McCusker (Corporate Broking)
| Tel: +44 20 7220 1666
|
Camarco (Financial PR) Gordon Poole/Emily Hall | Tel: +44 20 3757 4980 |
About Savannah
Savannah is the owner of the Barroso Lithium Project, located close to key infrastructure in Northern Portugal which contains the most significant spodumene lithium resource in Western Europe. Following a positive Scoping Study which outlined a conventional operation producing 175,000t of spodumene concentrate per annum, Savannah is progressing the development and environmental licencing of the Barroso Lithium Project. A Definitive Feasibility Study is underway, and Portugal's environmental regulator is currently evaluating Savannah's Environmental Impact Assessment study. The Company is listed and regulated on AIM and the Company's ordinary shares are also available on the Quotation Board of the Frankfurt Stock Exchange (FWB) under the symbol FWB: SAV, and the Börse Stuttgart (SWB) under the ticker "SAV".