Savannah Resources says Boticas lithium mine in northern Portugal has drawn inquiries from Europe, South Korea, China, Japan and the United States as prices recover from a multi-year slump.
The company plans to start production in 2028 after completing a definitive feasibility study within the next three to four months and submitting project finance requests later this year.
Lithium prices have risen 175% since early November to $2,400 per tonne, making the project economically viable after years of difficult market conditions.
Savannah Resources estimates that if production had already begun, current prices would generate significant value for shareholders, with $800 million recently invested in lithium equities across global markets.
The renewed interest is driven by growing demand for electric vehicle batteries and energy storage systems, particularly as geopolitical tensions and energy insecurity amplify the case for domestic supply chains.
Emanuel Proença, president of Savannah Resources, said investors from Asia and Europe want to bring more industrial projects to Portugal and the continent, with Boticas increasing the likelihood of such ventures moving forward.
While some national lithium refining projects exist in Portugal, they are not advancing quickly, leaving the Boticas mine as one of the few near-term sources of locally produced lithium hydroxide or carbonate.
The mine still has 75% of its planned output available for sale, with off-take discussions underway with potential buyers in multiple regions.
Why lithium prices are recovering after years of decline
Lithium prices fell sharply after 2022 as electric vehicle demand growth slowed and Chinese inventories rose, triggering a bear market that saw spot prices drop below $10,000 per tonne.
The recent rebound to $2,400 per tonne reflects tighter supply discipline among major producers and renewed confidence in long-term demand from EVs and grid storage.
Savannah Resources cites this price recovery as central to renewed investor interest, noting that the project was uneconomical during the downturn.
How the Boticas mine fits into Europe’s critical raw materials strategy
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From Instagram — related to Savannah Resources, Boticas
ssified lithium as a strategic raw material, aiming to reduce reliance on imports from Australia, Chile and China for battery-grade compounds.
Projects like Boticas are seen as vital to securing domestic supply for European gigafactories, which are expanding rapidly under the Net-Zero Industry Act and IPCEI battery initiatives.
By producing lithium hydroxide or carbonate in Portugal, the mine could shorten supply chains and lower carbon footprints for battery manufacturers in Germany, France and Hungary.
When will the Boticas lithium mine start production?
Production is planned to begin in 2028, contingent on completing the definitive feasibility study in the next three to four months and securing project finance later this year.
Who is showing interest in the Boticas lithium project?
Investors and potential off-takers from Europe, South Korea, China, Japan and the United States have contacted Savannah Resources about participating in the mine’s output.
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