It emerged this week that Portugal could become Europe’s first supplier of lithium, a mineral which has enjoyed an increasing demand in recent years.
Mining company Savannah Resources this week announced a 52 per cent increase in the estimated lithium resources at a mine in northern Portugal, saying it could become the first European supplier of the mineral.
Lithium prices have risen in expectation of growing demand for the mineral, which is used in batteries for electric vehicles and for storing electricity from the power grid.
Europe consumes more than 20 per cent of the global supply of battery-grade lithium.
In announcing the news on their website, Savannah’s CEO, David Archer said Mina do Barroso is shaping up as a major new European mineral discovery.
“With the strong growth prospects for lithium ion batteries for Electric Vehicles and for electricity storage from the grid this is a critical time to be bringing a project of Mina do Barroso’s scale, grade and location, on stream. We believe that Mina do Barroso has the potential to be a key piece of Europe’s emerging lithium value chain that could help support the shift by European car manufacturers to the production of Electric Vehicles.”
He added that the company believes it has established the largest spodumene lithium Mineral Resource in Western Europe. Spodumene concentrate is the dominant lithium mineral product that is traded internationally, and with no current European producer, Savannah says Portugal could be the first European supplier of spodumene thanks to the near-term development potential of Mina do Barroso, which has already been granted a Mining Lease.
“Our focus now is to establish the Project’s economics, with the results of the Scoping Study due this quarter. Further Mineral Resource upgrades are expected in coming months”, added David Archer.
Source: The Portugal News