Galp steps into lithium sector with Savannah investment
Published: Wednesday, 13 January 2021
Portuguese oil and gas company Galp will increase its new-energy portfolio with a 10% stake in Savannah Resources’ lithium mine in the country.
The non-binding agreement, announced by Savannah on Tuesday
January 12, will see Galp take a 10% stake in
Savannah’s Portuguese subsidiary, which owns the
Mina do Barroso project, for $6.4 million in cash. Galp will
add value through its experience in developing large-scale
resource projects in Portugal.