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Mutamba Project Mining Concessions Conditionally Awarded in Mozambique

Tuesday, September 10th, 2019

Highlights

  • Minister of Mineral Resources and Energy in Mozambique has conditionally awarded Mining Concessions, to Mutamba Mineral Sands SA and Matilda Minerals Lda for the Mutamba Project, covering a total area of 280.74 km² (28,074 Ha)
  • Mutamba Project comprises one of the most significant undeveloped heavy mineral sands deposits in the world
  • Mutamba contains an Indicated and Inferred Mineral Resource of 4.4Bt, grading 3.9% total heavy minerals
  • The Mining Concessions, 9735C and 9229C, are contiguous and cover ground in the districts of Inharrime and Jangamo in southern Mozambique
  • The Project benefits from high quality established transport infrastructure, these being:
    -the country’s main North/South EN1 highway runs through the Project area
    – the port of Inhambane is in close proximity to the Project area
    – a daily air service runs to the nearby city of Inhambane
  • Reliable grid power already installed and available in close proximity to the Concessions
  • Mining License application 9228C, in the name of Mutamba Mineral Sands SA, has been upgraded on the Mozambique Ministry of Mineral Resources and Energy’s mining cadastre to “Award Pending” which indicates that the grant process has reached the final stage

Savannah Resources plc (AIM: SAV, FWB: SAV and SWB: SAV) (‘Savannah’ or the ‘Company’), is pleased to announce that the Minister of Mineral Resources and Energy in Mozambique has conditionally awarded two Mining Concessions, 9735C and 9229C, for the world-class Mutamba Heavy Mineral Sands Project (‘Mutamba’ or the ‘Project’) in Mozambique over which the Company operates a joint venture with Rio Tinto.  Mining Concession 9735C has a term of 25 years to 9 April 2044 and 9229C has a term of 25 years to 6 May 2044 with the possibility of an additional 25-year extension.

David Archer, Savannah’s Chief Executive Officer said; “The conditional award of these Mining Concessions to Mutamba Minerals Sands SA and Matilda Minerals Lda represents a major milestone for both the Project and for Savannah, and places our Joint Venture with Rio Tinto on a very solid foundation.  The Government of Mozambique evaluated the Mining Concession applications rigorously, and we are pleased that the Mining Concessions have been conditionally awarded for a term of 25 years each upon satisfaction of customary requirements for granting of mining licenses.

“The Project area covered by the Mining Concessions contains an Indicated and Inferred Mineral Resource of 4.4Bt at 3.9% total heavy minerals and constitutes one of the largest remaining mineral sands deposits in the world that is yet to be developed.

“With the approval for award of Concession 9228C now in the final stage and given that the demand for global titanium feedstocks remains very strong, these Mining Concessions hold the potential as a significant global project within the sector.

“Finally, once these Mining Concessions are formalised, they will enable the Joint Venture to progress the PFS towards completion.  Upon delivery of the PFS, our interest in this world-class heavy mineral project will rise from 20% to 35%.

http://www.savannahresources.com
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