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Portuguese energy company Galp is in no rush to make a final investment decision to build a battery-grade lithium refinery in Portugal amid challenging market conditions, CEO Filipe Silva said on Monday.
However, the refinery, which was scheduled to start commercial operations in early 2026, is facing delays due to the complexity of the project and uncertainty about grant funding, while lithium prices have been low due to oversupply from China. He said Galp is “also concerned that this project could become orphaned in case there is no mining of lithium in Portugal”.
Portugal’s center-right government, which took over in April, is finalizing a strategic plan to explore for raw materials critical to the green transition, where copper could take on a more important role than lithium.
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