Mining company Savannah Resources has appointed two companies to jointly serve as advisers to lead the sale process for the Barroso lithium project in Portugal.

The two advisers are UK bank Barclays and Australian financial services company Barrenjoey Advisory.

Savannah is seeking potential partners for the Barroso Project, which is near the northern town of Boticas.

Earlier this year, Savannah initiated a structured "strategic partnering process" for the project, inviting potential parties to submit bids outlining their financial assistance for the development of the project.

In a press statement, Savannah said: “Due to the high number of positive responses received from a wide range of groups, Savannah has now appointed Barclays and Barrenjoey as joint financial advisers to lead on the next phase of the Process.”

The mining company said that commercial interest has increased significantly following the approval of the declaration of environmental impact (DIA) for the project by Portugal's environmental regulator earlier this year.

Savannah CEO Emanuel Proença said: "The next task is to carefully analyse and evaluate all the proposals received and identify those parties who are not only willing to support Savannah in securing the finance required to construct the project, but which can also offer additional benefits to Savannah and all its stakeholders through a future partnership.

"With drilling back under way at the project, the environmental licencing and definitive feasibility study progressing, and with the strategic partnering process moving forward in parallel, these are busy and exciting times for Savannah.

“We look forward to keeping shareholders and stakeholders up to date with developments on all fronts over the coming months."