What it owns
The group’s asset portfolio encompasses:
- The Mina do Barroso lithium project in Portugal
- Block 4 and 5 Copper projects in Oman
- The Mutamba Mineral Sands project in Mozambique
- Somero and Eräjärvi lithium projects in Finland
How is it doing
An initial mineral resource estimate at Grandao, a target within the Mina do Barroso licence, of 14.4Mt contains 4.79Mt of quartz and 6.11Mt of feldspar.
Though lithium is the main target, these by-products have the potential to provide a significant additional income stream, Savannah said.
Savannah has “second mover advantage” as it applies lessons learned from the first wave of Australian lithium developments to its Portuguese project.
The project is attracting interest from potential industry partners and off-takers as well as an opportunity to develop a lithium conversion plant in Portugal, which would allow the company to “lock-down from end-to-end the whole lithium value chain in Europe”.
In Oman, Savannah’s subsidiary has been awarded two licences to mine at Mahab 4 and Maqail South.
“These are 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, “ said Archer.
The pair will be the first new mines in Oman for ten years, but developing two projects at the same time will be a stretch for Savannah, so Archer wants to set up a new entity for the copper mines.
At Mutamba in Mozambique, Savannah holds 20% stake in a joint venture with Rio Tinto, with the opportunity to increase its stake to 35% by delivering a pre-feasibility study and to 51% by delivering a feasibility study.
It has received the third and final licence until 2024, with a possible 25-year extension, paving the way for development.
What the boss says: David Archer, chief executive
"The issue of licence 9228C by the Government of Mozambique completes the licensing process for the three core Mutamba concessions."
"With an indicated and inferred mineral resource of 4.4bn tonnes at 3.9% total heavy minerals, the global significance of the opportunity is clear and compelling."
Watch the video
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