Savannah Resources has said it is to take full control of the Portuguese Mina do Barroso lithium mine, of which it already owns 75%, in an $11.9m all-share offer. The mine is set to become Europe’s first major producer of the hard-rock lithium source spodumene. “Lithium production from Portugal will be a key driver for growth and diversification into new energy sources,” said CEO Pedro Marques at the company’s annual general meeting on Wednesday. The company said the 6% Li20 was ideal for electric vehicle batteries.
Savannah Resources has said it is to take full control of the Portuguese Mina do Barroso lithium mine, of which it already owns 75%, in an $11.9m all-share offer. The mine is set to become Europe’s first major producer of the hard-rock lithium source spodumene. Savannah said 200,000 tonnes of the 20 million available at the mine contained lithium, and the first customer for the 6% Li20 spodumene concentrate is expected to be China. The company said the 6% Li20 was ideal for electric vehicle batteries.