Decarbonisation Strategy Initiated
03 March 2022
Savannah Resources Plc
(AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah' or the 'Company')
Barroso Lithium Project Decarbonisation Strategy Initiated
Savannah Resources plc, the European lithium development company, is pleased to announce that it has signed an Agreement with ECOPROGRESSO - Quadrante Group - a Portuguese Consultant in Environment, Sustainability, Climate Change and Resources Management, to lead on the creation of a decarbonisation strategy for the Barroso Lithium Project ("the Project"). The appointment of ECOPROGRESSO, an international leader in multiple aspects of environmental management including carbon management and mitigation and adaptation strategies on climate change, follows on from Savannah's commitment last November to move towards net zero Scope 1 and 2 emissions for the Project whilst also targeting the reduction of its Scope 3 emissions.
Highlights:
· Responsible production of a 'net zero' lithium product at the Project will help to ensure that lithium entering the European value chain results in the production of 'net zero' lithium-ion batteries
· ECOPROGRESSO's work will consist of three phases:
o Phase 1: Updating the estimate of the Project's greenhouse gases ('GHG') emissions based on international guidelines, and defining targets for overall GHG reduction
o Phase 2: Working with sector specialists in zero-emissions vehicle and equipment manufacturing, automation, and control systems, to define and prioritise the key decarbonising initiatives
o Phase 3: Defining the implementation of a decarbonisation roadmap aligned with the overall Project's operational strategy, and designing a stakeholder engagement plan with specific initiatives to involve the main stakeholders across the value chain in the global emissions reduction strategy
· Savannah expects the decarbonisation strategy to be defined and ready for implementation in Q2 2022
David Archer, CEO of Savannah said: "The appointment of ECOPROGRESSO follows on from the commitment Savannah made last November on moving towards reducing the Scope 1 and 2 emissions at the Barroso Lithium Project to net zero once we are in production and, ultimately, to a position of net zero life-of-mine and targeting the reduction of its Scope 3 emissions in collaboration with ECOPROGRESSO and its future customers. Quadrante is a Portuguese company with significant domestic and international experience in disciplines such as carbon management meaning it is ideally placed to help us to devise and implement a focused strategy which will help to deliver our net zero goal in a timely manner. Their work, along with additional work we expect to undertake with other expert consultants and service providers in related fields, will be crucial in making the Barroso Lithium Project a source of low-carbon, ideally zero-carbon, lithium for use in the battery value chain of Europe. Making this commitment is not only an appropriate action for Savannah to take in terms of its own environmental responsibilities, but also helps to identify the Barroso Lithium Project to the growing number of consumers which place considerable emphasis and value on minimising the environmental impact associated with raw material supply."
Margarida Magina, Head of Environment and Sustainability at QUADRANTE Gro up said: "ECOPROGRESSO is delighted to be working with Savannah on devising and delivering its decarbonisation strategy for the Barroso Lithium Project. As a QUADRANTE Group company, we have specific Environmental, Mining, Industry and Energy know-how, which allows us to have a holistic approach, envisioning mining operations from development to decommissioning, with a strong commitment with mining decarbonization strategies. We believe we will deliver an integrated package which will cover all three scopes, driving the Barroso Lithium Project towards Net Zero. We propose to develop The Barroso Lithium Project's Decarbonization Strategy, identifying a set of initiatives, its benefits-cost assessment based on Carbon abatement cost curve and a consolidated roadmap for implementation. Once the work is complete, all stakeholders will be able to see that the Project, and Portugal, can be a responsible, low carbon source of this critical raw material for Europe's energy transition."
About ECOPROGRESSO - Quadrante Group
Founded in 2002, ECOPROGRESSO is a Portuguese consulting company providing Environmental, Sustainability, Climate Change and Resources Management services, with focus on sustainability strategies. ECOPROGRESSO was the first-mover in Portugal focusing on carbon management and climate change business. Currently the company offers a wide range of services, which includes carbon management, sustainability, climate support projects, public policies, green investments and carbon compensation projects, ensuring our client's carbon neutral status with our own brand Carbonfree®.
As a QUADRANTE Group company, ECOPROGRESSO combines forces with a global Engineering, Architecture, Environment and Sustainability Services Group, with offices in three continents (Europe, Africa and Latin America) and extensive experience in Special Projects, Transports Infrastructures, Energy and Industry, Buildings and Urban Development, Waste and Water Utilities, Environment and Construction Management and Supervision. The types of Environmental services provided by QUADRANTE Group range from Environmental Management Planning, Strategic Environmental Assessments, and specific studies that integrate the environmental licensing of projects and/or accompany the various phases of a project: Environmental Due Diligence, Environmental Feasibility Study, Environmental Impact Studies, Environmental Compliance Report of the Execution Project, and Environmental Monitoring.
Further information
Scope 1-3 definitions
· Scope 1 emissions relate to the direct GHG emissions that a company produces from owned or controlled sources, for example from running petrol or diesel vehicles
· Scope 2 emissions relate to a company's indirect GHG emissions from the generation of purchased electricity and other forms of non-renewable power
· Scope 3 emissions cover all other indirect emissions that occur in a company's value chain, for example the transport of raw materials and finished products
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").
**ENDS**
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For further information please visit www.savannahresources.com or contact:
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Savannah Resources PLC David Archer, CEO
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Tel: +44 20 7117 2489
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SP Angel Corporate Finance LLP (Nominated Advisor) David Hignell / Charlie Bouverat
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Tel: +44 20 3470 0470
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finnCap Ltd (Joint Broker) Christopher Raggett/ Tim Redfern
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Tel: +44 20 7220 0500
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WH Ireland Limited (Joint Broker) Jessica Cave/ Ben Good (Corporate Finance) Adam Pollock (Corporate Broking)
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Tel: +44 20 7220 1666
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Camarco (Financial PR) Gordon Poole/Emily Hall |
Tel: +44 20 3757 4980 |
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. With a positive Scoping Study which outlined a conventional mineral production and concentrator operation producing 175,000t of spodumene concentrate per annum, Savannah is progressing the development and environmental licencing of the Barroso Lithium Project. A Definitive Feasibility Study is underway, and Portugal's environmental regulator is currently evaluating Savannah's Environmental Impact Assessment study.
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".
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