Director dealings: Savannah Resources CFO lowers stake

Savannah Resources' chief financial officer Christopher Michael McGarty disposed of 2.03m ordinary shares in the AIM-listed firm on Thursday.

McGarty, a graduate in finance from Manchester University's Business School, sold the shares at an average price of 8p for a total value of £163,000.

Savannah noted that the share sale effectively covered the purchase price and PAYE tax relating to share options previously exercised by McGarty.

The group told investors back in July that its Mina do Barroso lithium project in Northern Portugal has the potential to be a "major European producer" of spodumene lithium.

Savannah's recently undertaken scoping study at Mina do Barroso demonstrated "robust project economics" with the potential to deliver substantial shareholder value at the project, which it considered to be of "low technical risk" with open pit mining and conventional processing to produce a spodumene concentrate for export sale.

The London-based firm strong outcomes based on an average annual run-of-mine production of 1.3Mt per year, over 11 years, pointed to a life of mine EBITDA of $805m, or $72m per year.

As of 1600 BST, Savannah shares had dropped 4.74% to 7.81p.

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Plus500 Ltd (di) (PLUS)
Director name: King ,Daniel Joseph
Amount purchased: 3,029 @ 1,650.00p
Value: £49,978.50

Volex (VLX)
Director name: Rothschild,Nathaniel
Amount purchased: 40,000 @ 75.20p
Value: £30,080.00

Volex (VLX)
Director name: Rothschild,Nathaniel
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Deltex Medical Group (DEMG)
Director name: Keen,Nigel J
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Director name: Watson,Charles
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Deltex Medical Group (DEMG)
Director name: Keen,Nigel J
Amount purchased: 1,000,000 @ 0.90p
Value: £9,000.00

Deltex Medical Group (DEMG)
Director name: Keen,Nigel J
Amount purchased: 1,000,000 @ 0.85p
Value: £8,500.00

Volex (VLX)
Director name: Morris,Daren
Amount purchased: 10,000 @ 75.20p
Value: £7,520.00

Volex (VLX)
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Amount purchased: 10,000 @ 74.00p
Value: £7,400.00

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Bhp Billiton (BLT)
Director name: Beaven,Peter
Amount sold: 68,072 @ $32.19
Value: $1,280,677.30

Savannah Resources (SAV)
Director name: McGarty,Christopher Michael
Amount sold: 2,037,500 @ 8.00p
Value: £163,000.00

D4t4 Solutions (D4T4)
Director name: Warren,Carmel
Amount sold: 58,139 @ 174.00p
Value: £101,161.86