Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Savannah Resources has high hopes for 2016

Savannah Resources boss David Archer reckons 2016 will be a "transformational" year for the firm, as it targets commercial copper production in Oman later in the following year.
Savannah Resources has high hopes for 2016
The group is targeting commercial copper in late 2017..

Savannah Resources (LON:SAV) boss David Archer reckons 2016 will be a "transformational" year for the firm, as it targets commercial copper production in Oman later in the following year.

The miner reported an increased loss before tax in the year to end 2015 to £3.1mln from £1.9mln in 2014  due to a £0.7mln loss on the disposal of its listed interests and a £1mln associated impairment.

It has a solid cash position of £2mln following the investment from private investment trust Al Marjan, which recently backed the firm in a £1.75mln placing.

Highlights of the year gone included defining an exploration target of between 150,000 and 700,000 tonnes of contained copper estimated for Block 4 and 5 in Oman, and an agreement inked with titan Rio Tinto (LON:RIO) to combine Rio's Mutamba Project and Savannah's adjacent Jangamo project in a joint venture located in a world-class heavy mineral sands (HMS) province in Mozambique.

Archer said: "With defined development strategies in place targeting commercial copper production in late 2017, and a planned fast paced, staged evaluation of Mutamba/Jangamo I believe 2016 will be a transformational year for the company."

He added: "Key milestones to look out for in Oman include an increase in the current copper Mineral Resource in addition to improved confidence in the gold potential.

"We will also continue to assess a number of potential production routes relating to the establishment of a central copper concentrate production facility. In Mozambique, our key focus is on obtaining the Government's approval for Joint Venture agreement with Rio Tinto and improving the resource confidence by not only increasing the heavy mineral sands resource currently defined but also completing a scoping study in order to help define likely production plans and targets."

House broker Northland said: "In Oman, 2016 is expected to see the expansion of the mineral resource estimate with the continued assessment of a number of potential production routes, while in Mozambique the focus will be on an updated mineral resource estimate alongside a scoping study and pilot plant test work for a dry mining operation."

Savannah shares were unchanged at 2.025p.

 

Giles_55af4ddca6481.jpg
Why Invest In Savannah Resources Plc? Read More Here

Register here to be notified of future SAV Company articles
View full SAV profile View Profile

Savannah Resources Plc Timeline

Related Articles

barseele_master.png
January 13 2017
The firm owns 45% of the property, while joint venture partner Agnico Eagle has the rest (55%).
coffee-1154353_1920.jpg
February 27 2017
Last week, Royal Road brought in C$3.6mln to finance its Colombia plans and anticipated operations in Nicaragua
picture of coal mine infrastructure
May 11 2017
The focus is to add further royalties to the portfolio.

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use