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

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 companRead More – Source