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Atlas Lithium’s Neves project selected for potential funding under US-Japan partnership

Staff Writer | April 2, 2026


In 2024, Atlas Lithium received the operational permit for its main Neves project in Brazil’s Minas Gerais state. Credit: Atlas Lithium

Atlas Lithium’s (NASDAQ: ATLX) flagship Neves project in Brazil has been included as part of the recently signed Japan-US critical minerals cooperation agreement, the company announced on Thursday.

In a statement, the Florida-based company said its project was named in the joint fact sheet submitted by the governments for funding consideration, and is the only Brazil-based lithium asset to be included on the list.

The fact sheet follows the US-Japan Critical Minerals Investment Ministerial held last month in Tokyo, which was attended by various American agencies, and the summit held between Japan’s Prime Minister Sanae Takaichi and US President Donald Trump.

Shares of Atlas Lithium rose nearly 4% on the update, giving the company a market capitalization of $123.6 million.

Strategic lithium asset
The joint fact sheet lists projects that can potentially contribute towards strengthening the critical minerals supply chain, including the Neves project, Atlas said in its statement.

The company also noted it has an existing strategic partnership with Mitsui & Co. from 2024, when the Japanese group made a $30 million strategic investment and entered into an offtake agreement for future production from the site. Later that year, Atlas received its operating permit in Brazil.

Now in the pre-production stage, the Neves project involves the processing of ore from the Neves deposit in a dense media separation plant to produce lithium concentrates. Once operational, it is expected to produce 300,000 tonnes annually.

According to a definitive feasibility study completed last year, the Neves project could deliver an after-tax internal rate of return of 145% and a net present value of $539 million, with an 11-month payback.

“The inclusion of the Neves project in the Japan-US critical minerals joint fact sheet, with both the US and Japanese governments considering financial support for our project, is a powerful recognition of the strategic value of our assets and the progress that our team has achieved,” Atlas Lithium CEO Marc Fogassa said.

CleanTech pegs Chile lithium project value at $1.37B

Cecilia Jamasmie | March 31, 2026 |

CleanTech Lithium (AIM: CTL) has delivered a pre-feasibility study for its Laguna Verde project in Chile outlining a $1.37 billion pre-tax net present value and a 25-year mine life.

The study confirms planned production of 15,000 tonnes per year of battery-grade lithium carbonate, with a pre-tax internal rate of return of 24.2% and a payback period of about four years. Initial capital costs are estimated at $748 million, while operating costs are projected at $5,768 per tonne, placing the project in the lower cost quartile globally.

“These results demonstrate the strong economic potential of Laguna Verde and position the project as a significant future supplier of battery-grade lithium,” the company said in a presentation, pointing to stable long-term production and competitive costs.

Laguna Verde benefits from established infrastructure and proximity to ports and processing facilities, supporting a streamlined route to export, according to the latest investors’ presentation. The project is also supported by rising lithium demand driven by the global energy transition and the fact that Chile is a known, leading jurisdiction.

CleanTech recently secured a 40-year Special Lithium Operation Contract (CEOL) with the Chilean state, covering the full project lifecycle from exploration to production, a milestone the company says de-risks development and opens the door to strategic partnerships.

The probable reserve stands at 378,000 tonnes of lithium carbonate equivalent (LCE) at an average grade of 186 mg/L, supporting steady-state production over the mine’s life following a short ramp-up period.

Annual cash flow projections indicate strong returns over the life of the project, with cumulative cash flow rising steadily after initial capital investment.

Betting on DLE

Laguna Verde will use direct lithium extraction (DLE) technology, producing lithium chloride at Laguna Verde before conversion to lithium carbonate at a downstream plant in Copiapó to reduce the site footprint and leverage existing infrastructure.

CleanTech is now advancing discussions with potential strategic partners across battery manufacturing, automotive and financial sectors, aiming to secure funding and move the project toward production.

The completion of the study and the operating contract also allows CleanTech to advance environmental approvals and move toward a definitive feasibility study as it aims to become the next lithium producer to come online in Chile after more than three decades.

Zijin’s Congo lithium mine set to be among world’s biggest

Bloomberg News | March 24, 2026 |


Aerial view of the Manono lithium project in the DRC. (Image courtesy of AVZ Minerals.)

The lithium mine Zijin Mining Group Co. plans to open this year in the Democratic Republic of Congo is set to be one of the world’s biggest suppliers of the battery metal.

The Chinese company – which has grown at breakneck speed to become a top producer of copper and gold – has been developing the Manono lithium project in southeastern Congo since it secured the prized deposit in 2023.

The mine, which Zijin aims to commission this June, will be able to supply 130,000 tons of lithium carbonate equivalent a year once it reaches full capacity, according to a report the company released on March 20.

That “would put Manono in the highest echelons” of hard-rock lithium assets, with only a couple of giant mines in Australia having the capacity to produce more, said Martin Jackson, head of battery materials markets at consultancy CRU Group.


While the report didn’t specify how long it will take for the mine to hit full capacity, it will be a significant contributor to global production of the metal used in electric vehicles and energy storage systems. At full tilt in 2028, Zijin’s new operation would account for 5% of mined lithium supply, according to Jackson.

The Manono project has a complicated history because another company, Australia’s AVZ Minerals Ltd., still claims the rights to the area Zijin will soon start mining. Congo revoked AVZ’s license three years ago – after the Perth-based firm had found Manono to contain one of the largest hard-rock lithium deposits in the world – before awarding the northern portion of the concession to the Chinese miner.

AVZ has initiated arbitration proceedings against the Congolese state as part of efforts to recover the entire permit. The southern section of Manono has also caught the attention of KoBold Metals Co. – an AI-driven exploration startup whose backers include billionaires Bill Gates and Marc Andreessen – as American investors try to capitalize on a US-Congo minerals partnership signed in December.


During a meeting at the White House earlier this year, Trump administration officials urged an AVZ executive to sell his firm’s interest in Manono to a US company, which could then develop a second mine, Bloomberg reported.

Zijin’s mine – which the report said is costing $1.4 billion to build – will likely produce between 850,000 and 875,000 tons of lithium concentrate a year at full capacity, according to Jackson and Chris Williams, an analyst at industry consultancy Adamas Intelligence. Lithium concentrate is a semi-processed material that is refined into higher-value battery-grade compounds.

A smelter that the company intends to finish by the end of the year will process about 500,000 tons of concentrate a year into an intermediate lithium sulfate product, according to its own report.

The Chinese firm owns almost 55% of the Manono project, with the Congolese state holding the rest of the shares. Zijin has additional interests in two copper mines in the Central African nation, including a 39.6% stake in the massive Kamoa-Kakula complex.

An aggressive acquisition strategy has also transformed Zijin into a top-five gold producer, with mines spread across China, Central Asia, Africa, Australasia and South America.

Savannah Resources shifts Barroso timeline to July

MINING.COM Editor | March 23, 2026


The Barroso project could be one of Europe’s first significant producer of spodumene, a hard-rock form of lithium. (Image courtesy of Savannah Resources.)

Savannah Resources (LON: SAV) said Monday it now expects to complete key studies and environmental compliance for its Barroso lithium project in Portugal in July.

The revised timeline marks a slight delay from the company’s earlier target of completing the definitive feasibility study and environmental compliance process (RECAPE) by the end of June.

Savannah still expects to receive the final environmental licence in the third quarter of 2026 and make a final investment decision by year-end, with production targeted for 2028.

Chief executive Emanuel Proença said the company can meet required standards without waiting for additional geotechnical and resource data from outstanding fieldwork, which will instead feed into future engineering studies. He said the decision followed validation from technical consultants and project finance advisers.

The Barroso lithium project has been designated as “strategic” under the European Critical Raw Materials Regulation and Savannah considers it to be Europe’s largest spodumene deposit.

The company said it is finalizing metallurgical testing and has begun noise modelling as part of the environmental compliance process, adding that a favourable lithium market supported its decision to proceed without further field data at this stage.

Competitive project

Savannah plans to develop four open-pit mines capable of producing enough lithium annually to supply batteries for about 500,000 electric vehicles. Proença has said the project can break even at lithium prices of $600 a tonne, positioning it to compete with larger producers while offering shorter, more secure supply chains to European customers.

The company is advancing a tender for detailed engineering and expects to select a partner in the coming weeks. It is also awaiting authorization for temporary land access to complete additional fieldwork, which will be incorporated into future studies.

Portugal has long mined lithium for ceramics but has yet to produce battery-grade material at scale. The government recently awarded Savannah a €110 million ($128 million) grant to advance the project.

Despite its strategic importance, Barroso has faced strong opposition from local residents and environmental groups, as the region has been recognised as a World Heritage agricultural landscape since 2018.

Albemarle launches $3.1B Chile DLE permit process

Cecilia Jamasmie | March 25, 2026 |

Top lithium producer Albemarle has started the environmental review for a $3.1 billion lithium project in Chile that will deploy Direct Lithium Extraction (DLE) technology to boost recovery and cut brine use.

The “Transition to Direct Lithium Extraction (TED)” project, now under evaluation in Chile’s SEIA system, marks the largest lithium investment currently under review in the country and targets a modernization of operations in the Atacama salt flat. The area is one of the world’s richest sources of the battery metal essential for electric vehicle batteries.

The initiative will integrate DLE alongside existing solar evaporation methods, nearly doubling lithium recovery while reducing both brine extraction and net pumping. It will have a useful life extending through 2045.

Albemarle said the project will not expand authorized extraction volumes or require new areas or evaporation ponds, signalling a shift toward efficiency rather than scale. The company added that its DLE system can return roughly 90% of processed brine to the salt flat.

“In the 45 years we have been operating in Chile, we have undertaken a continuous process of innovation to respond to the evolving needs of our industry,” Sebastián Carmona, Vice President and Regional Leader for Latin America, told Diario Financiero. “Today we are taking another step in that process with a project based on more than a decade of research and designed to reduce net brine extraction and increase process efficiency,” he added.

Project details

Albemarle plans to build a plant with up to six processing circuits and a combined capacity of 300 litres per second, which would reduce net extraction from 442 l/s to 342 l/s in early operations.

The project includes a 29-kilometre, 220-kV transmission line connected to Chile’s renewable-powered national grid, which could also support regional power stability and connectivity.

The facility will cover about 73 hectares, smaller than existing pond systems, and will include a civic centre with offices and services alongside an industrial zone.

Albemarle said it engaged more than 1,250 people through early community consultations ahead of filing. It expects the project to create 350 construction jobs and up to 450 permanent positions if approved.

Ewoyaa : le Ghana donne son feu vert pour la construction de sa 1ère mine de lithium

Agence Ecofin 23 mars 2026

Depuis environ trois ans, la société australienne Atlantic Lithium s’active au Ghana pour obtenir la ratification du bail minier de son projet de lithium Ewoyaa. Cette étape conditionnait le passage à la décision finale d’investissement en vue de la construction de la future mine.

Le vendredi 20 mars, la compagnie australienne Atlantic Lithium a annoncé que le Parlement ghanéen a officiellement ratifié le permis de son projet Ewoyaa. Cette approbation lui permet de disposer désormais de toutes les autorisations nécessaires pour lancer la construction de ce qui s’annonce comme la première mine de lithium du Ghana.

Mis en place dans le cadre d’un accord conclu avec l’État ghanéen en 2023, le bail minier d’Ewoyaa restait en attente de ratification par le pouvoir législatif pour entrer en vigueur. Cette étape avait été retardée par l’allongement de la procédure et des désaccords sur certains termes de la convention minière. Désormais actée, cette licence valable pour une période initiale de 15 ans, ouvre la voie à la décision finale d’investissement (FID) et au lancement de la phase de construction du projet.

« La ratification constitue l’approbation formelle par le Parlement du Ghana du projet de mine de lithium d’Ewoyaa et de son usine de traitement, permettant à la société de poursuivre les discussions relatives au financement du projet et de continuer à progresser vers une décision finale d’investissement », peut-on lire dans la note publiée à l’occasion.

Le plan actuel d’Atlantic Lithium est de faire d’Ewoyaa une mine capable de produire au total 3,6 millions de tonnes de concentré de spodumène sur une durée de 12 ans. Pour concrétiser cette ambition, la société devra mobiliser, aux côtés de son partenaire de coentreprise Elevra Lithium, un montant de 185 millions USD.

Avant cela, la finalisation de travaux techniques liés au projet reste attendue. Initialement lancées l’an dernier, ces études visent à « définir l’orientation du développement du projet et à éclairer les mesures à prendre avant la décision finale d’investissement », dans un contexte marqué par la faiblesse persistante des prix du lithium. Aucune échéance n’a toutefois été avancée quant à la publication des résultats.

Le bail minier étant désormais ratifié, l’État ghanéen devrait suivre de près l’avancement du projet Ewoyaa. Sa concrétisation permettrait au pays de rejoindre le Zimbabwe et le Mali dans le cercle des producteurs africains de lithium, un métal stratégique pour la transition énergétique. Le projet constituerait également une nouvelle source de recettes minières, à travers les taxes et les redevances prévues, mais aussi les dividendes que percevra l’État au titre de sa participation de 13 % dans le capital de la mine.

Trafigura inks 10-year lithium deal with Smackover

Cecilia Jamasmie | March 9, 2026 |

Commodities trader Trafigura has signed a binding take-or-pay agreement with Smackover Lithium to purchase battery-grade lithium carbonate from the South West Arkansas (SWA) project in the US.

Smackover Lithium, a joint venture between Standard Lithium (TSX-V, NYSE: SLI) and Norway’s Equinor (NYSE: EQNR), will supply Trafigura with 8,000 tonnes a year of lithium carbonate over a ten-year period, totalling 80,000 tonnes.

The SWA project targets initial production of 22,500 tonnes a year of battery-grade lithium carbonate in its first pahse, with potential for future expansion. The Trafigura agreement covers more than 40% of that targeted volume.

Smackover Lithium aims to make a final investment decision this year and start production in 2028.

The project will use direct lithium extraction technology to recover lithium from brine resources in the Smackover Formation in southern Arkansas.

Trafigura said the agreement supports the development of domestic supply of a critical mineral widely used in battery manufacturing and emerging technologies.
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Rio Tinto ships first lithium from Rincon, nets $1.175B project loan

Staff Writer | March 10, 2026

Rio Tinto has made its first commercial shipment of lithium carbonate produced at its Rincon project in Argentina, Reuters reported on Tuesday.

Located within the heart of the lithium triangle in the northwestern Salta province, Rincon represents a large-scale, low-cost lithium brine asset targeting an annual production capacity of 60,000 tonnes in battery-grade carbonates.

Production would initially begin from a 3,000-tonne starter plant, followed by a 57,000-tonne expanded plant that is scheduled to come online in 2028 and reach full capacity within three years. Construction of the expanded plant, which is estimated to cost $2.5 billion, is currently under way.

On Tuesday, the Australian miner officially began exports from the site, with a shipment of 200 tonnes produced at the existing plant leaving the Port of Buenos Aires bound for Shanghai, China, according to Reuters.

The report comes during a meeting of business leaders and officials in New York organized by Argentina President Javier Milei’s government to attract investment. “Argentina is central to the company’s lithium strategy,” Rio Tinto said in a statement to Reuters.

Flagship lithium asset

Rio Tinto acquired the project in March 2022 as part of the group’s strategy to expand its battery materials business under former CEO Jakob Stausholm. Under current leadership, Rincon has become its flagship lithium asset after the company shelved its other major project — Jadar in Serbia — in November 2025.

As its first commercial-scale lithium operation, the Rincon project is expected to deliver approximately 53,000 tonnes of lithium carbonates annually over a 40-year life.

To expedite Rincon’s development, Rio has already applied for the Argentine government’s RIGI incentive scheme, which provides tax and legal benefits.

Before acquiring Rincon, the company held several lithium brine assets in the Latin American nation, namely the Fénix project in Catamarca and the Olaroz project in Jujuy, considered one of the world’s largest.

Project financing

In addition to making its first shipment, Rio has also secured a $1.175 billion financing package to support the development of Rincon, the company announced late on Tuesday.

The package comprises loans from four international lenders: International Finance Corporation, a member of the World Bank Group; IDB Invest; Export Finance Australia; and the Japan Bank for International Cooperation.

“This financing package broadens our funding sources for the Rincon project and supports the continued execution of our lithium growth pipeline, which is underpinned by the attractive long-term outlook driven by the energy transition,” Rio Tinto’s lithium chief executive Jérôme Pécresse said in a press release.

Liquidation d'une start-up qui projetait une raffinerie de Lithium en Alsace

Boursorama avec AFP •11/03/2026

La start-up strasbourgeoise Viridian Lithium, qui projetait de construire une raffinerie de lithium dans le nord de l'Alsace, a été mise en liquidation judiciaire, a-t-on indiqué mercredi au tribunal de la ville.

La décision a été prise lundi par la chambre commerciale du tribunal judiciaire de Strasbourg et doit être publiée officiellement dans les jours à venir.

Interrogé par les Dernières nouvelles d'Alsace (DNA) parues mercredi, un responsable de la société créée en 2021 a expliqué qu'il n'avait pas été possible de réunir les financements pour donner jour à ce projet de raffinerie à Lauterbourg (Bas-Rhin), dans un contexte "très dégradé pour le marché européen".

Depuis 2021, "le contexte a énormément changé et le marché du véhicule électrique a fortement ralenti", a déclaré au quotidien régional Loïc Branchereau, délégué du personnel de l'entreprise de 13 salariés, qui s'occupait notamment de la partie marketing et communication.

"Le projet porté par Viridian Lithium, comme d'autres projets européens", n'aurait jamais pu "être aussi compétitif que les projets chinois", a ajouté M. Branchereau.

La construction de l'usine devait représenter un investissement de 295 millions d'euros. La production prévue devait permettre, à terme, de fabriquer des batteries pour 500.000 à un million de véhicules électriques par an, avec près de 250 emplois à la clé.

Un terrain de 14 hectares avait été réservé depuis 2024 et des travaux de terrassement avaient été effectués l'été dernier pour accueillir la future usine de raffinage, dont la mise en service se dessinait à l'horizon 2028, a rappelé le journal.

Lithium Americas (TSX, NYSE: LAC) says it is targeting a capital spend of between $1.3 billion and $1.6 billion for Phase 1 of its Thacker Pass project in Nevada this year. A majority of that capex will be used on project construction, with an estimated cost of $1.2-$1.5 billion.


Construction of Phase 1 is progressing, with detailed engineering design at 93% completion and procurement at 60% by the end of 2025, the Vancouver-based lithium developer said in a project update issued on Thursday.

This year, the company said it expects to reach peak construction employment, with nearly twice as many workers hired by year-end compared to 2025.

“As planned, we expect to reach peak construction employment of roughly 1,800 skilled craftspeople by year-end,” Lithium Americas CEO Jonathan Evans said in the statement.

The remaining portion of capex will be allocated to what the company categorizes as “other capitalized development costs” and interest payments to the Department of Energy, which provided the company with a $2.23 billion loan for the Phase 1 build.

The loan, the largest the Department has given to a miner, was announced in late 2024, allowing Lithium Americas to finance the planned three-year buildout of what would be North America’s next major producer of battery-quality lithium.

Production late 2027

Once complete, the Thacker Pass mine is expected to produce 40,000 tonnes of lithium carbonate annually, which is enough for about 800,000 electric vehicles. The project is positioned as the Western Hemisphere’s largest lithium source, with output far exceeding that of larger peer Albemarle’s Silver Peak mine, also in Nevada.

“Lithium market conditions are strengthening just as the project prepares to come online in late 2027, with full ramp-up through 2028,” Evans said in the release.

Amid a growing emphasis on the domestic critical mineral supply chain, the US government last year took a 5% stake in Lithium Americas and a separate 5% stake in the Thacker Pass project. In addition to the DOE, the project also had strategic investments from General Motors, which owns a 38% stake, and Orion Resource Partners.

En Namibie, la filière naissante du lithium tape dans l’œil de l’Europe

Ecofin 14 fev 2026

Lithium : la première mine de la RDC annoncée pour une mise en production en juin 2026

Agence Ecofin 12 fev 2026

Plus grand gisement de lithium jusqu’ici découvert en République démocratique du Congo, Manono est au cœur d’un litige de longue date entre l’australien AVZ Minerals et la société publique Cominière. Celle-ci poursuit en parallèle la construction de la mine en partenariat avec Zijin Mining.

Initialement attendue au premier trimestre 2026, la mise en service du projet de lithium Manono est désormais annoncée pour juin 2026 en République démocratique du Congo. Le groupe chinois Zijin Mining et son partenaire congolais Cominière en ont fait l’annonce le mercredi 11 février en marge de la conférence Mining Indaba, organisée au Cap, en Afrique du Sud.

Cette communication confirme ainsi le lancement imminent de ce qui s’annonce comme la première mine industrielle de lithium en RDC. En construction depuis 2024, le projet de Manono est développé dans le cadre d’une coentreprise entre la Cominière et le groupe chinois Zijin Mining, ce dernier ayant notamment pris en charge le financement du coût de construction, estimé à environ 1 milliard USD.

Citant un représentant de la Cominière, l’agence Reuters a d’abord fait état du report de l’échéance de mise en production. Une information que notre rédaction a pu confirmer sur le site officiel de Zijin Mining qui évoque désormais la date du 30 juin.

Selon les informations disponibles, l’usine de la future mine Manono sera capable de traiter 500 000 tonnes de concentré de spodumène, pour produire chaque année 95 170 tonnes de sulfate de lithium. Grâce à ce projet, la République démocratique du Congo, déjà acteur majeur du cuivre et du cobalt, renforcera sa position en tant que fournisseur clé de métaux stratégiques pour la transition énergétique. Le lithium entre en effet dans la fabrication des batteries pour véhicules électriques et technologies de stockage d’énergie, couramment associées aux énergies renouvelables.

Entre litige et faiblesse persistante des prix

Bien qu’ayant piloté les travaux, Zijin Mining n’est actif sur le projet Manono que depuis 2023, à la demande de la Cominière. Cette dernière était alors impliquée dans un litige avec AVZ Minerals, son ancien partenaire qui avait conduit les travaux d’exploration sur le site. L’entreprise australienne a depuis initié une procédure d’arbitrage international contre la Cominière, sans qu’aucune avancée notable n’ait été enregistrée à ce jour.

Pour l’heure, AVZ n’a pas encore réagi aux communications relatives au lancement de la production sur le projet.

Par ailleurs, Manono s’inscrit dans un contexte tendu pour le marché mondial du lithium, marqué par une offre excédentaire portée notamment par la Chine. Selon Fastmarkets, le prix du spodumène a chuté de plus de 80 % entre 2023 et 2024 et continue de suivre une tendance baissière. Reste à voir comment le projet se positionnera dans cette conjoncture, alors que la commercialisation de sa production future devrait, apprend-on, être assurée exclusivement par Zijin.

Pour sa part, Cominière s’attend à percevoir les recettes en fonction de sa participation dans le projet. Notons que Zijin contrôle 54,9 % de la coentreprise, la part restante étant détenue par la compagnie publique congolaise.

«Une reconnaissance du potentiel industriel» du projet : l’Etat va injecter 50 millions d’euros dans la future mine de lithium d’Imerys dans l’Allier

Imerys a annoncé, mercredi 11 février, une prise de participation minoritaire de l’Etat français, pour 50 millions d’euros, dans le projet de mine et de raffinerie de lithium pour batteries qu’il porte dans l’Allier. Le groupe minier cherche toujours d’autres partenaires pour mener les investissements nécessaires, qui pourraient se rapprocher des deux milliards d’euros en comptant un pilote puis des installations industrielles.

Nathan Mann Publié le 11 février 2026

Imerys avance à petit pas sur son grand projet de production de lithium pour batteries dans l’Allier. Mercredi 11 février, le spécialiste français des minéraux de spécialité a annoncé l’entrée au capital de l’Etat français dans ce grand projet annoncé fin 2022 et baptisé Emili. Dans les prochains mois, la Banque des territoires y investira 50 millions d’euros en échange d’une prise de participation importante, mais minoritaire, précise l’industriel. Son projet prévoit la construction... (abonnés)

Portugal’s government backs Savannah’s lithium mine with $128M grant

Reuters | January 9, 2026

London-listed Savannah Resources said on Friday it had been awarded a 110-million-euro ($128 million) grant by the Portuguese government for its northern Portugal lithium mine, showing official backing for a highly contested project.


The company said around 82 million euros of the non-reimbursable grant would fund the initial capital expenditures of the project in Portugal’s Barroso region, while the remainder will be linked to operational performance milestones.

The estimated reserves of the Barroso deposit of spodumene – one of lithium-bearing minerals – stand at more than 39 million metric tons, making it the largest such deposit in Europe, the company said.

The success of projects like Savannah’s in Portugal is seen as a key test of Europe’s ability to reduce its dependence on imports from China and other countries for lithium and other materials essential to the transition to clean energy.

However, Savannah has faced strong opposition from local residents and environmentalists because Barroso has been a World Heritage site for agriculture since 2018.

Chief executive Emanuel Proença said the grant represented another “highly important milestone” for Savannah and “underlines the Portuguese state’s significant support for the project’s delivery,” mirroring moves by other governments to support strategic projects across Europe.

“The scale of the financial commitment being made by the Portuguese state will provide a significant contribution towards the project’s capex as we target production from 2028,” he said in a statement.

According to Portugal’s official gazette, the grant was approved on January 7 by Secretary of State for the Economy Joao Ferreira, qualifying as an incentive “for large investments in carbon-neutral and strategic net-zero transition sectors.”