Savannah Resources completes feasibility study for Boticas lithium project

Savannah Resources has completed a Definitive Feasibility Study (DFS) for its lithium mining project in Boticas, Portugal. The study confirms an initial probable reserve of 20 million tonnes of ore, which provides enough raw material for more than seven million electric vehicle batteries and suggests a potential project lifespan exceeding 40 years.

The project has been classified as a strategic project by the European Union. The Portuguese government, through AICEP, is set to provide approximately 110 million euros in support. Over the first ten years, the project is expected to generate roughly 700 million euros in taxes, fees, and royalties.

German shareholder AMG Critical Materials is expected to be the first customer and has indicated interest in establishing a lithium refinery in Portugal, similar to its operations in Germany. This development could integrate Portugal into the electric vehicle value chain, linking mining operations with battery manufacturing in Sines and vehicle production facilities by Autoeuropa and Stellantis in Mangualde. The project is also expected to create 500 direct jobs in the mine and industrial unit.