“Galp plans tosecure a 10 percent position in Savannah’s Portuguese subsidiaries that own the Barroso Mine for US$6.4 million [5.26 million Euros], a figure that will be used to continue work on the definitive feasibility study [‘Definitive Feasibility Study’ (“DFS”)] of the project, after due authorisations and the conclusion of definitive agreements for the partnership,” the statement sent by the mining company to the London Stock Exchange read.

According to Savannah, “Galp’s strategic presence and experience in the Portuguese and European energy sector will be a significant asset in bringing the project to the production phase”.