Due to the ever increasingly important role lithium ion batteries play in the transport and energy sectors, lithium was classified as a 'Critical Raw Material' by the European Commission in September 2020.
The European Commission estimates that the EU will need 18 times more lithium in 2030 than it consumed in 2020, and 60 more times by 2050. With domestic battery manufacturing forecast to reach 800GW in Europe and the EU currently wholly reliant on imported battery-grade lithium raw material in an increasingly competitive global market, now is time for responsible production from Europe's own lithium resources.
By responsibly producing lithium raw material from its Barroso Lithium Project in Portugal and commiting to minimise its carbon footprint, Savannah is set to be a key player in Europe's new lithium value chain, vital to the region's energy transition and climate change goals.
Savannah recognises the importance of sound environmental, social and corporate governance commensurate with the size and nature of the Company and the interests of its stakeholders. For these reasons, whilst conducting its business worldwide, Savannah is committed to developing and maintaining a culture of integrity, and high standards across health and safety management, social responsibility, and environmental awareness and protection.
Savannah's Board and management team are focused on generating shareholder value and bringing long-term benefits to stakeholders through responsible mineral resource development.
The combination of an LSE listing and 100% ownership of one of the most significant lithium raw material projects in the European Union, means Savannah offers investors highly regulated direct exposure to the lithium raw material sector in one of the largest and fastest growing battery and electric vehicle markets in the world.
The Barroso Lithium Project is located in northern Portugal approximately 145km northeast of the City of Porto and the industrial Atlantic port of Leixões. The project is the most significant hard rock spodumene lithium resource in Western Europe. Through responsible development and operation the Project is expected to produce around 200,000kt/year of spodumene concentrate
Lithium is critical to the energy transition and the goal of a carbon neutral global economy due to the role that lithium-ion batteries can play in storing clean, renewable energy and powering electric vehicles. Global demand for lithium is expected to increase over 4x from 2022 to 2030 with supply significantly challenged to match this growth rate.