Savannah Resources (LON:SAV) and Rio Tinto (LON:RIO) have extended the long stop date for completion of their Jangamo mineral sands joint venture until 31 March 2016.
The extension is to give more time to fulfil the applicable approval processes.
In June, the two companies unveiled plans to merge their heavy mineral sands assets in Mozambique to create a world class project.
AIM-listed Savannah has the chance to earn up to 51% of the new joint-venture company, while Rio has agreed that it or one of its subsidiaries will buy the output from any mine.