Action Brought Against the Republic of Portugal by Parish Council
Savannah, the resource development company focused on becoming Europe’s most significant producer of spodumene lithium concentrate from its Barroso Lithium Project in Portugal , advises that its wholly owned subsidiary, Savannah Lithium Ltda., has been joined as the counter-interested party in litigation brought by the Parish of Covas do Barroso as plaintiff in the Mirandela Fiscal and Administrative Court in Portugal against the Republic of Portugal and the Ministry of Economy as defendants.
The litigation 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 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 is that the claim is without foundation and will be challenged by Savannah as the counter-interested party alongside exploring all potential options, including making a claim for damages against the plaintiff.
The litigation neither impacts the Barroso Lithium Project’s activities nor the current environmental impact assessment process which is moving to a conclusion.
Savannah will make further announcements regarding the litigation as appropriate.
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”).
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For further information please visit www.savannahresources.com or contact:
Savannah Resources PLC
David Archer, CEO
Tel: +44 20 7117 2489
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