Savannah Resources PLC Chairman's Statement for AGM (0001R)
25 June 2020 - 4:01PM
UK Regulatory
TIDMSAV
RNS Number : 0001R
Savannah Resources PLC
25 June 2020
25 June 2020
Savannah Resources Plc
('Savannah' or the 'Company')
Chairman's Statement for AGM
Savannah Resources plc (AIM: SAV, FWB: SAV and SWB: SAV), the
AIM quoted resource development company, announces that at today's
AGM Matthew King, the Company's Chairman, will make the following
statement.
" When I wrote to you in February 2020 in my Chairman ' s
Statement in our 2019 Annual Report and Accounts, the coronavirus
crisis was still emerging and much of the world had yet to go into
lockdown. Much has changed since then and it is appropriate I
update you on the steps taken by your Board in response to the
crisis and what we believe to be the longer term impacts for
Savannah .
" First and foremost I would like to pay tribute to our
management and staff for the commitment they have shown over the
last four months. In the interests of our staff, their families and
the communities in which we work, we took early steps on 2 March,
to suspend all field activities and non-essential travel and to
commence remote working. We have supported our communities with
offers of help and the provision of personal protective
equipment.
" While the executive and board have always maintained a close
watch on costs, additional cost saving measures were also
instigated in March 2020. These included: 20% reductions in
salaries for the senior management team; no bonuses were paid to
senior executives with respect to the 2019 financial year and James
Leahy and I also reduced our Director ' s fees by 20%. These
measures will remain in place for the time being. Further measures
were also taken as part of a tempered and cautious approach that is
appropriate to the current setting.
" Despite these changes, a major milestone was achieved on 30
May with the submission to the Portuguese environmental regulator
of the completed Environmental Impact Study (EIA) and accompanying
Mine Plan for the Mina do Barroso lithium project ("Mina do
Barroso" or the "Project") . We are pleased that the EIA presents a
comprehensive body of fact based evidence which shows that Mina do
Barroso can be a 'low impact' project, minimising disturbance to
both the natural environment and local communities , while also
maximising the very significant socio-economic benefits the Project
can bring to the local area and Portugal as a whole. The
significance of Mina do Barroso to Europe ' s new lithium battery
value chain was also reinforced by the agreement secured with EIT
InnoEnergy at the end of May 2020. Completion of the feasibility
study for the P roject, now expected in H1 2021 which will help
synchronise Mina do Barroso with anticipated lithium hydroxide
refinery developments in Europe , securing an off-take agreement,
securing financing for the P roject and achieving the necessary
governmental and social licences for the P roject continue to be
very much the executive team's priorities.
" I would like to particularly note that Savannah is making
excellent progress around securing a long-term offtake for its
spodumene concentrate. The C ompany is intent not only on building
a sustainable, low carbon footprint project but also in forging
strong European partnerships and alignments to support the
development of Mina do Barroso.
" While your company is now very much focused on the successful
development of Mina do Barroso, work is continuing on the
development of our world class Mutamba mineral sands project in
Mozambique with our Joint Venture partner Rio Tinto . We also
continue to explore opportunities to realise value from our copper
projects in Oman.
" Moving to the corporate arena, I am delighted to welcome WH
Ireland to our broking panel. WH Ireland has an established
investment expertise in the lithium sector and brings an extensive
client network. I would like to thank Whitman Howard for their
enthusiastic support over the last few years.
" Much pessimism abounds regarding the general prospects for the
world's economies in the short to medium term. Nonetheless, there
are good reasons for believing the coronavirus pandemic will give a
boost to the prospects for sustainable energy sources from which
suppliers of lithium should benefit. At the same time, the
potential for dislocation to inter-continental supply chains has
demonstrated the importance for Europe in developing a regional
lithium battery value chain.
" Your Board is looking to ensure our shareholders are
well-placed, through Mina do Barroso, to benefit from these trends.
Your board's confidence in our prospects can be demonstrated by the
significant cash investments made by us in the C ompany. In the
case of Mr Imad Sultan and Mr Maqbool Sultan, Al Marjan Ltd, a
company associated with them holds approximately 268.3 million
shares, the CEO, Mr David Archer, 41.8 million shares, Mr Dale
Ferguson, 3.3 million shares and the Alternate Director, Mr Manohar
Shenoy 5.8 million shares. More recently James Leahy has shown his
confidence in our strategy by acquiring 1.15 million shares, and at
the beginning of this year I exercised options over 1.5 million
shares to add to my existing 1.1 million shareholding.
" I am grateful to you for sharing our vision. "
Regulatory Information
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
**ENDS**
For further information please visit www.savannahresources.com
or contact:
Savannah Resources PLC Tel: +44 20 7117 2489
David Archer, CEO
SP Angel Corporate Finance LLP (Nominated Tel: +44 20 3470 0470
Advisor)
David Hignell / Charlie Bouverat
finnCap Ltd (Joint Broker) Tel: +44 20 7220 0500
Christopher Raggett
WH Ireland (Joint Broker) Tel: +44 20 7220 1698
James Joyce/ Matt Chan (Corporate Finance)
Adam Pollock/ Jasper Berry (Corporate
Broking)
St Brides Partners Ltd (Financial PR) Tel: +44 20 7236 1177
Charlotte Page / Cosima Akerman
About Savannah
Savannah is a diversified resources group (AIM: SAV) with a
portfolio of energy metals projects - lithium in Portugal and
copper in Oman - together with the world-class Mutamba Heavy
Mineral Sands Project in Mozambique, which is being developed in a
consortium with the global major Rio Tinto. The Board is committed
to serving the interests of its shareholders and to delivering
outcomes that will improve the lives of the communities we work
with and our staff.
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".
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
AGMKZGZVNDVGGZM
(END) Dow Jones Newswires
June 25, 2020 02:01 ET (06:01 GMT)
Savannah Resources (LSE:SAV)
Historical Stock Chart
From Apr 2024 to May 2024
Savannah Resources (LSE:SAV)
Historical Stock Chart
From May 2023 to May 2024