No recommendation
No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.
(Sharecast News) - Savannah Resources confirmed on Friday that it will immediately restart fieldwork and drilling at its Barroso Lithium Project in Portugal, following a decision by the Portuguese State to lift a temporary suspension order.
The AIM-traded firm said the work had been halted for two weeks due to a legal challenge from three local landowners, but a 'reasoned resolution' issued by the state had now reinstated Savannah's right to access the land.
It said the dispute was centred on a temporary land easement order granted in December, which allowed Savannah to conduct fieldwork required for the project's definitive feasibility study and environmental licensing.
The court challenge had temporarily suspended that order, but the state had now ruled that further delays would be detrimental to the public interest.
Savannah said it would seek to recover lost time over the remainder of the programme, and reiterated its expectation of completing the definitive feasibility study and environmental licensing process in the second half of the year.
The company said it would provide further updates as work progressed.
At 1213 GMT, shares in Savannah Resources were up 1.14% at 4.45p.
Reporting by Josh White for Sharecast.com.
The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.