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Savannah Resources and Rio Tinto JV win second licence for heavy minerals project

Mutumba's indicated and inferred resource of 4.4bn tonnes grading 3.9% total heavy minerals makes it “one of the most attractive undeveloped mineral sands deposits in the world”

Savannah Resources PLC -
Mutamba is close to the Port of Inhambane and has a daily air service, a reliable power supply and excellent road connections

Savannah Resources PLC (LON:SAV) has been granted a second mining licence for the Mutamba mineral sands project in Mozambique that it operates under a joint venture with giant Rio Tinto plc (LON:RIO).

Two days after the first licence was issued by the Mozambique government, Mutumba has been granted Licence 9229C, covering a larger 16,126 hectares and, like the first, valid to May 2044 with the possibility of a 25-year extension.

The third of three licences that form the full permit for Mutamba has already been conditionally awarded, said Savannah chief executive David Archer.

Archer said the company believes Mutumba's indicated and inferred resource of 4.4bn tonnes grading 3.9% total heavy minerals makes it “one of the most attractive undeveloped mineral sands deposits in the world”.

Savannah is working on delivering a pre-feasibility that will increase its 20% stake in Mutamba to 35%, with delivery of a final feasibility study seeing this rise to 51%.

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Price: 2.65 GBX

AIM:SAV
Market: AIM
Market Cap: £34.42 m
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