14th Feb 2023 17:17
(Alliance News) - Savannah Resources PLC on Tuesday noted that Portugal has been acquitted as a defendant in the lawsuit brought against it by the parish of Covas do Barroso.
The Europe-focused lithium development company said the parish council legal claim was brought against the Portuguese state on February 4.
On Tuesday, it said the Mirandela Fiscal & Administrative Court ruled the Republic of Portugal and the Portuguese Ministry of Economy, alongside Savannah Resources as a counter-interested party, were acquitted.
As a result, the lawsuit will be extinguished, unless the parish council files an appeal within 30 days. Covas do Barroso is located in northern Portugal.
Savannah said the lawsuit neither impacts the Barroso lithium project's activities nor the current environmental impact assessment process, which it claims is moving to a conclusion.
It said the C-100 mining lease, which contains the Barroso project, was fully granted on a term of 30 years running to 2036 and remains in good standing.
The advice from Savannah's lawyers was and remains that the lawsuit is without foundation, it added, while Savannah said it will make further announcements as and when appropriate.
Shares in Savannah Resources closed down 1.4% at 2.61 pence each in London on Tuesday.
By Greg Rosenvinge, Alliance News reporter
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