Savannah Resources Expands Europe's Largest Barroso Lithium Project by 40% to Over 39 Million Tonnes

Lithium Ionic's definitive feasibility study for its Bandeira project in Brazil reveals improved economics with a post-tax net present value of $1.45 billion, a 61% internal rate of return, and a reduced payback period of 2.2 years, driven by increased reserves and optimized mine design. The project, expected to start production in the second half of 2025, will operate for 18.5 years with capital expenditures cut by 28%, positioning it among the lowest-cost global lithium producers. Meanwhile, Savannah Resources has significantly upgraded its Barroso Lithium Project in Northern Portugal, increasing its resource estimate by 40% to over 39 million tonnes of lithium oxide, making it Europe's largest spodumene lithium reserve. This expansion supports the European Union's strategic goals under the Critical Raw Materials Act to secure domestic lithium supply for battery manufacturing, aiming to reduce reliance on imports. Despite local opposition and skepticism about some of Savannah's announcements, the company highlights the project's potential to contribute substantially to lithium production, socio-economic benefits, and Europe's battery value chain. Both projects underscore the growing importance of lithium mining in meeting global demand for electric vehicles and renewable energy technologies.