Savannah Resources PLC Statement on Portuguese Public Prosecutor Actions (6997S)
07 November 2023 - 6:37PM
UK Regulatory
TIDMSAV
RNS Number : 6997S
Savannah Resources PLC
07 November 2023
7 November 2023
Savannah Resources Plc
(AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah', or the
'Company')
Statement Regarding Today's Actions by the Portuguese Public
Prosecutor
Savannah Resources Plc notes the actions taken today in the
country led by the Public Prosecutor's Office of the Central
Investigation and Criminal Action Department (DCIAP). According to
DCIAP these actions were taken to investigate facts related to:
-- A project for a hydrogen energy production plant in Sines
-- The data centre construction project developed in the Sines Industrial and Logistics Zone
-- Lithium exploitation concessions 'in the Romano (Montalegre) and do Barroso (Boticas)'
As part of these actions Savannah confirms that investigating
officials attended certain business locations in Portugal today.
Savannah cooperated fully with the investigating officials and the
Company will continue to do so. Neither Savannah nor any of its
directors or employees are targets of the investigation (termed as
"arguidos" in Portuguese).
The Company confirms that its work at the Barroso Lithium
Project is continuing unencumbered while DCIAP's investigation is
ongoing. The Project's Mining Lease, issued in 2006, remains in
good standing and Savannah has and always will conduct its business
in a fully lawful and transparent manner.
Savannah will make further announcements relating to DCIAP's
investigation as appropriate.
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").
Savannah - Enabling Europe's energy transition.
**ENDS**
Follow @SavannahRes on Twitter
Follow Savannah Resources on LinkedIn
For further information please visit www.savannahresources .com
or contact:
Savannah Resources PLC Tel: +44 (0) 20 7117 2489
Emanuel Proença, CEO
SP Angel Corporate Finance LLP (Nominated Advisor Tel: +44 (0) 20 3470 0470
& Joint Broker)
David Hignell/ Charlie Bouverat (Corporate Finance)
Grant Barker/ Abigail Wayne (Sales & Broking)
SCP Resource Finance (Joint Broker) Tel: +44 (0) 204 548 1765
Filipe Martins/ Chris Tonkin
Camarco (Financial PR) Tel: +44 (0) 20 3757 4980
Gordon Poole/ Emily Hall / Fergus Young
LPM (Portugal Media Relations) Tel: +351 218 508 110
Herminio Santos/ Jorge Coelho
About Savannah
Savannah Resources is a mineral resource development company and
the sole owner of the Barroso Lithium Project in northern Portugal,
the largest spodumene lithium resource outlined to date in
Europe.
Through the Barroso Lithium Project (the 'Project'), Savannah
will help Portugal to play an important role in providing a
long-term, locally sourced, lithium raw material supply for
Europe's rapidly developing lithium battery value chain. After the
Environmental Licence was granted in May 2023 and the Scoping Study
confirmed the economic potential of the Project in June 2023,
production is now targeted and on track to begin in 2026. At that
stage, Savannah will start producing enough lithium for
approximately half a million vehicle battery packs per year, equal
to a significant portion of the European Commission's Critical Raw
Material Act goal of a minimum 10% of European endogenous lithium
production set for 2030. Savannah is focused on the responsible
development and operation of the Barroso Lithium Project so that
its impact on the environment is minimised and the socio-economic
benefits that it can bring to all its stakeholders are
maximised.
The Company is listed and regulated on the London Stock
Exchange's Alternative Investment Market (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".
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END
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