Savannah Resources Awarded Mining Permits for Copper Deposits, Oman
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Savannah Resoources is to be awarded mining licenses over the Mahab 4 and Maqail South high-grade copper deposits near the Port of Sohar in Oman.
The junior is a 65 percent shareholder in Omani company Al Fairuz Mining, which holds the Block 5 Exploration License 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. “
Source: Proactive Investors
About Savannah Resources
Savannah Resources Plc is a multi-commodity development company focused on building cash generative and profitable mining operations.
The Company operates a strategic portfolio of assets, spanning near term production potential and longer term development opportunities:
• MINA DO BARROSO, PORTUGAL - opportunity to become the first lithium producer in Europe via fast-paced development strategy
• BLOCK 4 and 5 COPPER BLOCKS, OMAN – Awaiting mining license - offers near term production potential (Blocks 4 and 5)
• Jangamo / Mutamba Heavy Mineral Sands Project, Mozambique - being developed in partnership with mining major Rio Tinto with a view to building a dry mining operation
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 “SAV”, and the Börse Stuttgart (SWB) under the ticker “SAV”.
To stop by Savannah’s website, CLICK HERE
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