Savannah Resources PLC Barroso Lithium Project Update (9066P)
14 2월 2023 - 11:15PM
UK Regulatory
TIDMSAV
RNS Number : 9066P
Savannah Resources PLC
14 February 2023
14 February 2023
Savannah Resources Plc
(AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah', or the
'Company')
Barroso Lithium Project Update
Court Ruling on the Action Brought Against the Republic of
Portugal by Parish Council
Savannah Resources plc, the European lithium development
company, provides an update on legal action brought against the
Republic of Portugal by the Parish of Covas do Barroso (the "Parish
Council") which was announced on 4 February 2022. The Mirandela
Fiscal and Administrative Court (the "Court") has ruled that the
Portuguese State and the Ministry of Economy are not legitimate
parties in this lawsuit and, therefore, acquitted the defendants
(the Portuguese State, the Ministry of Economy) and
counter-interested party (Savannah) of all requests made by the
Parish Council. As a result, this lawsuit will be extinguished if
the Parish Council does not file an appeal within 30 days.
The lawsuit neither impacts the Barroso Lithium Project's
activities nor the current environmental impact assessment process
which is moving to a conclusion. The advice from Savannah's lawyers
was and remains that the lawsuit is without foundation.
Savannah will make further announcements as appropriate.
Further Details
Savannah's wholly owned subsidiary, Savannah Lithium Unipessoal
Lda., was joined in February 2022 as the counter-interested party
in a lawsuit brought by the Parish Council as plaintiff in the
Court in Portugal against the Republic of Portugal and the Ministry
of Economy as defendants. The lawsuit seeks to nullify certain
administrative actions by the defendants in June 2016 including the
addition of lithium to and the expansion in the area of the C-100
Mining Lease.
The Court has ruled that the lawsuit should have been filed
against a different government Ministry. The Court did not rule on
the merits of the lawsuit and, therefore, a new claim may be
submitted against the legitimate parties, with the same purpose.
All the argumentation and claims from the Parish remain
undecided.
The C-100 Mining Lease which contains the Barroso Lithium
Project is fully granted, has a term of 30 years to 2036 and
remains in good standing. The advice from Savannah's lawyers was
and remains that the claim is without foundation and if a new claim
is submitted to Court against the legitimate parties, with the same
purpose, it will be challenged by Savannah as the
counter-interested party.
Regulatory Information
This Announcement contains inside information for the purposes
of the UK version of the market abuse regulation (EU No. 596/2014)
as it forms part of United Kingdom domestic law by virtue of the
European Union (Withdrawal) Act 2018 ("UK MAR").
Savannah -Enabling Europe's energy transition.
**ENDS**
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For further information please visit www.savannahresources.com
or contact:
Savannah Resources PLC Tel: +44 20 7117 2489
Dale Ferguson, CEO
SP Angel Corporate Finance LLP (Nominated Tel: +44 20 3470 0470
Advisor & Joint Broker)
David Hignell/ Charlie Bouverat (Corporate
Finance)
Grant Barker/Abigail Wayne (Sales & Broking)
RBC Capital Markets (Joint Broker) Tel: +44 (0) 20 7653 4000
Farid Dadashev/ Jamil Miah
Camarco (Financial PR) Tel: +44 20 3757 4980
Gordon Poole/ Emily Hall
About Savannah
Savannah is the owner of the Barroso Lithium Project, located
close to key infrastructure in Northern Portugal which contains the
most significant spodumene lithium resource in Western Europe.
Following a positive Scoping Study which outlined a conventional
operation producing 175,000t of spodumene concentrate per annum,
Savannah is progressing the development and environmental licencing
of the Barroso Lithium Project.
The Company is listed and regulated on AIM and the Company's
ordinary shares are also available on the Quotation Board of the
Frankfurt Stock Exchange (FWB) under the symbol FWB: SAV, and the
Börse Stuttgart (SWB) under the ticker "SAV".
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END
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February 14, 2023 09:15 ET (14:15 GMT)
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