Savannah Resources PLC (LON: SAV) has boosted its interest in Matilda Minerals Limitada, which holds the prospecting rights in the 180km2 Jangamo heavy mineral sands tenement in Mozambique to 100%.
Jangamo is itself part of the Mutamba heavy minerals sands project and remains subject to Savannah’s existing joint venture with Rio Tinto.
Savannah’s acquisition of the remaining 20% equity interest in Jangamo has been secured with a payment of A$100,000 in shares issued at 5.056p.
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The company has also secured cancellation of the deferred consideration terms for Jangamo, in return for a further payment of A$50,000, also payable in shares.
"We're pleased to have reached agreement with the vendors of Matilda to eliminate the deferred consideration obligations from the 2013 acquisition and also to finalise the purchase of the 20% not already owned by Savannah,” said Savannah chief executive David Archer.
“I am pleased to confirm that this transaction has been approved by the Mozambique Ministry of Mineral Resources, which has been very supportive of our activities in country."