2 June 2021 | 07:56am
StockMarketWire.com - Mining group Savannah Resource posted a deeper annual loss as it continued to develop its Mina do Barroso lithium project in Portugal and sold its Oman interests.
Pre-tax losses for the year through December amounted to £8.3 million, compared to year-on-year losses of £3.8 million, and included a £5.4 million loss on the discontinued Oman operations.
Cash at year end was £2 million.
A public consultation on the environmental impact assessment for Mina do Barroso was initiated in April.
The key milestone of a 'declaration of environmental impact' was expected later this year, the company said.
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Savannah Resources PLC's (LON:SAV) David Archer joins Proactive London's Katie Pilbeam to discuss the growing interest for offtake deals and strategic...
Savannah Resources says EIA for Mina do Barroso Lithium Project is ready for public consultation
Subject to the results of the EIA, construction is targeted to commence in 2022 with commercial production in 2023
Savannah Resources PLC (LON:SAV) said the Environmental Impact Assessment (EIA) of the Mina do Barroso Lithium Project in Portugal is now ready for public consultation.
Last week, the Portuguese Environment Agency or Agência Portuguesa do Ambiente (APA) declared Mina do Barroso's EIA to be in conformity with its requirements for the content of the EIA.
The period of consultation will extend over a period of 40 days and close on Wednesday, 2 June 2021, the miner said.
Savannah Resources raises £10.3mln to help develop Mina do Barroso lithium project in Portugal
“The global lithium industry is experiencing a period of strong recovery after a two-year period of falling prices," said chief executive David Archer
Savannah Resources PLC (LON:SAV) said it raised £10.3mln, before expenses, through an oversubscribed placing and direct subscription. The net proceeds will mainly go towards progressing its flagship Mina do Barroso project in Portugal.
“We are particularly pleased to welcome a number of new European investors to our register,” said chief executive David Archer.
“The £10.3mln raised combined with the US$6.4mln investment expected from Galp Energia SGPS, SA in the Mina do Barroso project holding company, and our existing cash reserves, puts Savannah in a strong financial position as we continue to move towards the development phase at Mina do Barroso."
Savannah Resources raises £10.3m to accelerate flagship Mina do Barroso lithium project in Portugal
Savannah Resources PLC's (LON:SAV) David Archer joins Proactive London's Katie Pilbeam about raising £10.3mln, before expenses, through an oversubscribed placing and direct subscription.
Archer says this is a 'resounding endorsement from the investment community for the opportunity in Europe for Lithium'. The net proceeds will mainly go towards progressing its flagship Mina do Barroso project in Portugal.
Archer explains that with the surge in Lithium prices and demand for electric vehicles, 'now is time to put the foot flat to the floor and move the project forward very quickly'.