- Mining group Savannah Resources said a socioeconomic impact report indicated that its Mina do Barroso lithium project could provide a significant boost to the Portuguese economy.

The project would contribute nearly €1.2bn to Portugal's gross output including €168m during its construction and €90mpa during its operating phase, according to a report by University of Minho economists that was commissioned by the company.

The report also said the project would contribute €437m to Portugal's gross domestic product, including €65m during its construction and €34m a year during the operating phase, among other findings.

'"We welcome the university report's recommendations, along with those of the government draft report,' chief executive David Archer said.

'We are committed to working with all of Savannah's stakeholders to create a project which benefits them as well as the company and its shareholders, and establishes Portugal as a key player in Europe's e-mobility revolution.'

At 9:04am: [LON:SAV] Savannah Resources share price was +0.05p at 2p

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