StockMarketWire.com - Lithium developer Savannah Resources posted a first-half loss as it continued to develop its Mina do Barroso project in Portugal.

Pre-tax losses for the six months through June amounted to £1.4 million, compared to year-on-year losses of £5.5 million that included losses on discontinued operations.

Cash at 30 June was £9.7m million.

Savannah Resources said a Portuguese regulator had extended a public consultation phase for the project's environmental impact assessment to 16 July.

'We understand the regulator is now reviewing the submissions received and we expect to receive news on the EIA review process in the final quarter of 2021,' it said.

A definitive feasibility study was now expected to be completed in 2022 following ongoing Covid restrictions on fieldwork and a definition of requirements from the ongoing EIA process.


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