Savannah Resources PLC: Additional Mining Lease Application Submitted Heavy Mineral Sands Project - Mozambique
HIGHLIGHTS:-
Additional Mining Lease application submitted by Matilda Minerals Lda. (a subsidiary of
Savannah) over an area of 119km2, which covers a defined Mineral Resource Estimate of
65Mt (the 'Application')
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The Application covers an area that is contiguous to two pending Rio Tinto Mining Lease
applications previously submitted in the name of Mutamba Minerals Sands S.A.
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This is part of the consolidation of Savannah's and Rio Tinto's mineral sands projects in
Mozambique under the Consortium Agreement (the 'Consortium')
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Once granted, the total area of the three adjoining Mining Leases will be 399km2
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Mining Leases are generally awarded for a term of 25 years and can be renewed at the end
of their terms
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The Ministry has six months from the date of submission to respond to the Application
Savannah Resources plc (AIM: SAV, FWB: AFM and SWB: SAV) ('Savannah' or 'the Company'), is pleased to announce that the Application has been submitted to the Ministry of Mineral Resources and Energy in Mozambique (the 'Ministry') for an additional Mining Lease in the name of its wholly owned subsidiary, Matilda Minerals Lda. (Figure 1). This Application is the final Mining Lease application to be lodged that is covered by the Consortium with Rio Tinto for the Mutamba Heavy Minerals Sands Project in Mozambique ('Mutamba').
David Archer, Savannah's Chief Executive Officer said, "The submission of the Application is the last outstanding leasing matter for the Consortium and we are delighted to have now completed the full round of applications. Matilda Minerals Limitada is our wholly owned subsidiary and is also the official operator of Mutamba Minerals Sand's venture. Mutamba Minerals Sand's Mining Lease applications continue to be evaluated by the Government and it is hoped that these will be issued within the time limits established by Mozambican law. Due to the complexity of the analysis of the process and the number of Government entities involved in the appraisal of the applications, the Government always reserves the right to request additional clarifications that may result in short delays.
"Meanwhile, the scoping phase of the Pre-Feasibility Study for the Mutamba project is progressing well with anticipated completion in Q1 2019 and given that the demand for global titanium feedstocks continues to grow, we believe we are extremely well placed to take full advantage of an expanding market."
To view the press release with the illustrative maps and diagrams please use the following link: http://www.rns-pdf.londonstockexchange.com/rns/4709B_1-2018-9-20.pdf
For further information please visit www.savannahresources.com or contact:
David Archer
David Hignell / Dugald J. Carlean
(Nominated Adviser) Christopher Raggett / Camille Gochez (Broker)
Grant Barker (Equity Adviser) Charlotte Page / Lottie Wadham (Financial PR)
About Savannah
Savannah Resources plc Northland Capital Partners Ltd
finnCap Ltd
Whitman Howard
St Brides Partners Ltd
Tel: +44 20 7117 2489 Tel: +44 20 3861 6625
Tel: +44 20 7220 0500
Tel: +44 020 7659 1225 Tel: +44 20 7236 1177
Savannah is a diversified resources group (AIM: SAV) with a portfolio of energy metals projects - lithium in Portugal and copper in Oman - together with the world-class Mutamba Heavy Mineral Sands Project in Mozambique, which is being developed in a consortium with the global major Rio Tinto. The Board is committed to serving the interests of its shareholders and to delivering outcomes that will improve the lives of our staff and the communities we work with.
The Company is listed and regulated on AIM and the Company's ordinary shares are also available on the Quotation Board of the Frankfurt Stock Exchange (FWB) under the symbol FWB: AFM, and the Börse Stuttgart (SWB) under the ticker "SAV".