Oman Authorities to Grant Two Mining Licences
8 August 2019
Savannah Resources Plc
Oman's Public Authority for Mining to Grant Two Mining Licences for the High-Grade Copper Mine Developments
Mahab 4 and Maqail South
· Public Authority for Mining ('PAM') has advised Savannah that it intends to grant mining licences over the Mahab 4 and Maqail South high-grade copper deposits near the Port of Sohar in the Sultanate of Oman to Savannah's subsidiary (the 'Mining Licences')
· Advice follows the approval of a series of government authorities and a rigorous review of the applications by PAM
· Mining Licences to be granted once new licensing fees have been set under the new Mining Law and the relevant fees paid
· Oman's new Mining Law came into effect on 14 March 2019 and is designed to attract new investment and revitalise the country's mining industry
Savannah Resources plc (AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah' or the 'Company'), the AIM quoted resource development company, is pleased to announce that it has been advised by PAM that it intends to grant Mining Licences over the Mahab 4 and Maqail South high-grade copper deposits. PAM has specified that the Mining Licences will be granted once new licensing fees have been set under the new Mining Law and the fees paid. Savannah is a 65% shareholder in the Omani company Al Fairuz Mining LLC, the holder of the Block 5 Exploration Licence which includes these two high-grade deposits.
To view the announcement with the illustrative maps and diagrams please use the following link: http://www.rns-pdf.londonstockexchange.com/rns/3186I_1-2019-8-7.pdf
Savannah's CEO, David Archer said: "We are delighted to receive this advice and we look forward to securing the granted Mining Licences once the Oman government promulgates a new schedule of fees and the relevant fees are paid.
"Mahab 4 and Maqail South are examples of the type of high-grade copper deposits that are characteristic of the Oman Ophiolite Belt and will be in the vanguard of new copper mine developments in Oman. Block 5 remains highly prospective for the discovery of further high-grade deposits that could further augment the planned hub-and-spoke mine development based around Mahab and Maqail South. We look forward to announcing the final award of the Mining Licences in due course.
"As we stated in our Annual Report in May, award of the mining licences we have applied for in Oman would help to provide greater clarity on these projects for all stakeholders. The strategic review we announced at that time to identify Savannah's best course of action in regard to these projects is continuing, and we will update shareholders as and when is appropriate".
Figure 1. Photograph of Maqail South
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
For further information please visit www.savannahresources.com or contact:
Savannah Resources plc
Tel: +44 20 7117 2489
David Hignell / Charlie
Bouverat (Nominated Adviser)
SP Angel Corporate Finance LLP
Tel: +44 20 3470 0470
Christopher Raggett (Joint Broker)
Tel: +44 20 7220 0500
Grant Barker (Joint Broker)
Tel: +44 20 7659 1225
Melissa Hancock / Cosima
Akerman (Financial PR)
St Brides Partners Ltd
Tel: +44 20 7236 1177
Savannah is a diversified resources group (AIM: SAV) with a portfolio of energy metals projects - lithium in Portugal and copper in Oman - together with the world-class Mutamba Heavy Mineral Sands Project in Mozambique, which is being developed in a consortium with the global major Rio Tinto. The Board is committed to serving the interests of its shareholders and to delivering outcomes that will improve the lives of the communities we work with and our staff.
The Company is listed and regulated on AIM and the Company's ordinary shares are also available on the Quotation Board of the Frankfurt Stock Exchange (FWB) under the symbol FWB: SAV, and the Börse Stuttgart (SWB) under the ticker "SAV".
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
Quick facts: Savannah Resources PLC
Market Cap: £29.19 m
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...FOR OUR FULL DISCLAIMER CLICK HERE