TIDMSAV
RNS Number : 0584A
Savannah Resources PLC
21 September 2022
21 September 2022
Savannah Resources Plc
(AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah', or the
'Company')
Environmental Impact Assessment Review Update
Savannah Resources, the European lithium development company, is
pleased to provide an update on the 'Article 16' phase of the
review being conducted by Portugal's environmental regulator,
Agência Portuguesa do Ambiente ('APA'), on the Environmental Impact
Assessment (the 'EIA') of the Barroso Lithium Project (the
'Project'). As previously announced on 6 July 2022, Savannah agreed
for the EIA review process to enter this additional, time-limited,
phase.
-- Since agreeing with APA in early July that the review process
should continue under Article 16 of the Portuguese law relating to
EIAs, Savannah has had several meetings with the regulator
-- These meetings have been very useful and productive, and
Savannah has gained a good understanding of APA's requests
regarding certain aspects of the Project
-- Areas discussed to date include elements of the Project's
infrastructure and management of local water resources
-- Further meetings are being scheduled which will address the
few remaining aspects of the Project which APA and the entities
that make up its Evaluation Committee would like to see revised
-- International engineering and environmental consultancies,
Knight Piésold, Quadrante and VISA Consultores have been retained
to work with Savannah and its other expert consultants to revise
the Project's design based on APA's requests
-- During the discussions with APA, it has been confirmed that
the period of 'six months' as defined in the Article 16
legislation, which allows a proponent to resubmit the revised EIA
documents, refers to 180 business days and not six calendar months.
As a result, Savannah has up to 17 March 2023 to submit its revised
plans to the regulator
-- Work on the revisions is well underway and Savannah expects
to make it resubmission during Q1 2023; APA will then have a
maximum of 50 business days to conduct its review and issue its
Declaration of Environmental Impact ('DIA') decision
Dale Ferguson, CEO of Savannah Resources said, "I would like to
thank APA for the constructive discussions we have had to date
since entering the Article 16 phase of the EIA review process in
early July. Over the course of the last two months APA has made
clear the aspects of the Project which we need to revise to give us
the greatest chance of receiving a positive DIA decision. As a
result, Savannah's team and our consultants are well underway with
the redesign work. We expect to continue to meet with APA and other
members of its Evaluation Committee over the coming months so that
we capture all the feedback available and thoroughly reflect it in
the ongoing redesign work.
"It was also useful to receive confirmation that the legislation
allows us 180 business days to complete and submit our revised
plans as opposed to the 'six months' as written in Article 16. This
gives us until 17 March 2023 to finalise our revisions and we
currently estimate, based on our discussions with APA and our
consultants, that we will make our submission during Q1 2023".
Background information:
Before giving its final DIA decision on the Project, APA
proposed that the EIA evaluation process for the Barroso Lithium
Project should continue under Article 16 of Decree-Law No.
151-B/2013, amended and republished by the Decree-law 152-B/2017 of
11 December ('Article 16'), which regulates Environmental Impact
Assessments in Portugal. Under Article 16, Savannah has up to 180
business days to redesign or revise certain physical aspects of the
Project's design and associated environment, ecology and
socio-economic aspects and resubmit them to APA for
consideration.
Following resubmission, APA has a maximum of 50 business days to
review the resubmission and give its DIA decision.
Savannah announced on 6 July 2022 that it had agreed to the EIA
review process entering this additional phase. The Company has
until 17 March 2023 to make its resubmission to APA.
Subject to a positive DIA decision, the environmental licencing
process would then move onto the final design phase ('Relatório de
Conformidade Ambiental do Projeto de Execução, 'RECAPE') and the
Environmental License ('LA') phase, which run in parallel. If both
phases are completed and approved the Project would receive a
single environmental title (Título Único Ambiental').
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**
Follow @SavannahRes on Twitter
Follow Savannah Resources on LinkedIn
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)
David Hignell/ Charlie Bouverat
finnCap Ltd (Joint Broker) Tel: +44 20 7220 0500
Christopher Raggett/ Tim Redfern
RBC Capital Markets (Joint Broker) Tel: +44 (0) 20 7653 4000
Farid Dadashev/ Jamil Miah
WH Ireland Limited (Joint Broker) Tel: +44 20 7220 1666
Ben Good/ Darshan Patel (Corporate Finance)
Aimee McCusker (Corporate Broking)
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".
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDBKKBDFBKDOCB
(END) Dow Jones Newswires
September 21, 2022 02:02 ET (06:02 GMT)
Savannah Resources (LSE:SAV)
Historical Stock Chart
From Jul 2024 to Jul 2024
Savannah Resources (LSE:SAV)
Historical Stock Chart
From Jul 2023 to Jul 2024