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Savannah Resources awarded mining permits for two deposits in Oman

“[The] award of the mining licences we have applied for in Oman would help to provide greater clarity on these projects for all stakeholders," said Archer.   "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.  

Savannah Resources PLC - Savannah Resources awarded mining permits for two deposits in Oman
The two deposits are copper-rich sites

Savannah Resources PLC (LON:SAV) is to be awarded mining licences over the Mahab 4 and Maqail South high-grade copper deposits near the Port of Sohar in Oman.

The junior is a 65% shareholder in Omani company Al Fairuz Mining, which holds the Block 5 Exploration Licence that encompasses the two deposits.

A new mining law was introduced in Oman in March and the permits will be awarded once the licensing fees have been set and paid under these guidelines.

David Archer, chief executive, welcomed the news though Savannah's recent focus has been on its lithium assets in Portugal and in May it began a strategic review of its Oman assets.

“[The] award of the mining licences we have applied for in Oman would help to provide greater clarity on these projects for all stakeholders," said Archer. 

 "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. “

Quick facts: Savannah Resources PLC

Price: 2.225 GBX

AIM:SAV
Market: AIM
Market Cap: £28.87 m
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