en.Wedoany.com Reported - Savannah Resources has announced that the Barroso Lithium Project in Portugal has completed its Definitive Feasibility Study (DFS), moving the project into the financing and construction preparation phase. Company CEO Emanuel Proença stated that the DFS results for Phase 1 production represent "another very important milestone" for the project, providing a solid foundation for the next stage of development.

This study validates the project's feasibility from technical, economic, environmental, and operational perspectives, and will serve as the basis for Savannah's negotiations with financial institutions for funding and with strategic customers for commercial agreements. Based on a probable reserve of 20 million tonnes of ore, the study sets an initial mine life of 14 years, during which approximately 2.56 million tonnes of spodumene concentrate (a raw material for electric vehicle batteries) are expected to be produced, with the potential to extend the mining period to over 40 years.

Located in the municipalities of Montalegre and Boticas in Portugal, the project is expected to create approximately 500 permanent jobs and generate over 1,000 indirect and induced employment opportunities. Over the initial 14-year mine life, it is projected to contribute approximately €720 million in taxes, fees, and royalties to the Portuguese government. The study indicates that the project's operating costs fall within the second quartile of the global lithium cost curve, with competitiveness expected to surpass more than half of currently operating projects.

In 2025, the Barroso Lithium Project was designated as a strategic project by the European Union. In Portugal, Savannah has signed an investment contract with the Portuguese Agency for Investment and Foreign Trade (AICEP), with the potential to receive up to €110 million in financial support, contingent upon the completion of the agreed investment plan.