Savannah Resources - Chairman's Statement for AGM
('Savannah' or the 'Company')
Chairman's Statement for AGM
"When I wrote to you in
"First and foremost I would like to pay tribute to our management and staff for the commitment they have shown over the last four months. In the interests of our staff, their families and the communities in which we work, we took early steps on 2 March, to suspend all field activities and non-essential travel and to commence remote working. We have supported our communities with offers of help and the provision of personal protective equipment.
"While the executive and board have always maintained a close watch on costs, additional cost saving measures were also instigated in
"Despite these changes, a major milestone was achieved on 30 May with the submission to the Portuguese environmental regulator of the completed Environmental Impact Study (EIA) and accompanying Mine Plan for the Mina do Barroso lithium project ("Mina do Barroso" or the "Project"). We are pleased that the EIA presents a comprehensive body of fact based evidence which shows that Mina do Barroso can be a 'low impact' project, minimising disturbance to both the natural environment and local communities, while also maximising the very significant socio-economic benefits the Project can bring to the local area and
"I would like to particularly note that Savannah is making excellent progress around securing a long-term offtake for its spodumene concentrate. The Company is intent not only on building a sustainable, low carbon footprint project but also in forging strong European partnerships and alignments to support the development of Mina do Barroso.
"While your company is now very much focused on the successful development of Mina do Barroso, work is continuing on the development of our world class Mutamba mineral sands project in
"Moving to the corporate arena, I am delighted to welcome WH Ireland to our broking panel. WH Ireland has an established investment expertise in the lithium sector and brings an extensive client network. I would like to thank
"Much pessimism abounds regarding the general prospects for the world's economies in the short to medium term. Nonetheless, there are good reasons for believing the coronavirus pandemic will give a boost to the prospects for sustainable energy sources from which suppliers of lithium should benefit. At the same time, the potential for dislocation to inter-continental supply chains has demonstrated the importance for
"Your Board is looking to ensure our shareholders are well-placed, through Mina do Barroso, to benefit from these trends. Your board's confidence in our prospects can be demonstrated by the significant cash investments made by us in the Company. In the case of Mr
"I am grateful to you for sharing our vision."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
For further information please visit www.savannahresources.com or contact:
Tel: +44 20 7117 2489
Tel: +44 20 3470 0470
finnCap Ltd (Joint Broker)
Tel: +44 20 7220 0500
WH Ireland (Joint Broker)
Tel: +44 20 7220 1698
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Tel: +44 20 7236 1177
Savannah is a diversified resources group (AIM: SAV) with a portfolio of energy metals projects - lithium in
The Company is listed and regulated on AIM and the Company's ordinary shares are also available on the Quotation Board of the
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