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Savannah Resources Plc
Summary
| Project: | Mina do Barroso | |
|---|---|---|
| Deposit: | Mina do Barroso | |
| Location: | Portugal | |
| Commodities: | Lithium-Iron | |
| Date: | 6/14/2018 | |
| Report Code: | JORC | |
| Report Type: | Scoping Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 14-6-2018: Savannah Resources Plc announces a Scoping Study report for its Mina do Barroso deposit at the Mina do Barroso project. Scoping Study results incl. post-tax NPV of US $241M, IRR of 48.6%, and 11yr LOM at the project. Savannah Resources plc (AIM | |
| Resources: | (Resource, I+I): 14.0Mt @ 1.1% Li2O, 1.3% Fe2O3 for 149Kt Li2O contained | |
| CP/QP: | [Overall Report]: Nigel Spicer (Minesure Pty Ltd.) | |
| ABSTRACT: | Savannah Resources plc (AIM: SAV and SWB: SAV) (‘Savannah’ or ‘the Company’), the AIM quoted resource development company, is pleased to announce the results of its Scoping Study (the ‘Study’) undertaken on the Company’s 75% owned Mina do Barroso Lithium Project (‘Mina do Barroso’ or the ‘Project’), located in northern Portugal (Figure 1). Savannah’s CEO, David Archer said: “The Scoping Study highlights the robust features and outstanding investment appeal of the Mina do Barroso Lithium Project with a very high-IRR and strong cash generation, even with a conservative spodumene prices. This is matched by an attractive initial CAPEX estimate of US$109m, which includes the circuit for feldspar and quartz. The Project’s cash costs put it at the lower end of the spodumene lithium cost curve. We believe these results show that we are on track to become a low-cost producer of quality spodumene lithium concentrate by early-2020. “There is exponential growth across the lithium supply chain as the industry gears up for transformational change to meet demand from the automotive and energy storage sectors, with Bloomberg New Energy Finance recently reporting that the transport sector is fast becoming the main driver of demand for lithium-ion batteries, overtaking consumer electronics for the first time this year. This is a great time to be bringing a new lithium mine into development. “Since acquiring the Project just over a year ago we have achieved an enormous amount, having delivered not only a maiden Mineral Resource Estimate but two major Mineral Resource Estimate upgrades with the current estimate at 14Mt at 1.1% Li₂O, and now, a Scoping Study. We are committed to maintaining this pace as we continue to fast-track towards production, and believe significant further upside exists, with excellent potential to increase the Mineral Resource Estimate and the mining rate, schedule lower strip ratio ores in the latter years of the Project and optimise site operational features to further lower the cost of production and increase the value of the Project. | |
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