[SMM Flash News] Savannah Resources close to second offtake deal for Portugal's Barroso lithium project

Published: Oct 09, 2026 19:27 (GMT+8)

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Savannah Resources is close to signing a second offtake agreement for its output from the Barroso lithium project in northern Portugal. A second offtake is a key step toward project financing, as lenders want 70%-75% of Barroso's future output contracted under long-term supply deals. The first offtake was signed in June 2024 for 45,000 mt/year of spodumene concentrate for five years, about 25% of planned output. Barroso hosts more than 39 million mt of spodumene resources, Europe's largest deposit of minerals. Further exploration could lift resources above 100 million mt and extend mine life beyond 50 years. Construction is on track for 2027 and production for 2028.

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