- Savannah Resources said it had welcomed news that France and Germany had established a European cross-border battery cell consortium.

The group had an objective of developing next-generation batteries for electric vehicles.

It announced an initial investment of between €5bn to €6bn in the initiative.

'The Franco-German decision to establish this initiative, as well as the EU's plans to launch a European raw materials investment facility, highlights the seriousness of the EU to strongly commit to increasing its investment in the European lithium battery industry,' chief executive David Archer said.

'This in turn highlights the issue of securing a sufficient supply of lithium to meet anticipated demand, which brings the significance of Mina do Barroso further into focus.'

'Its relevance and location mean that it has the potential to be an extremely important strategic asset, playing a leading role in ensuring that Europe meets a significant portion of its demand for lithium internally.'

At 9:23am: [LON:SAV] Savannah Resources share price was +0.05p at 5.4p

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