Savannah Resources granted two mining concessions in Mozambique
Savannah Resources has secured two new mining concessions from the Mozambican government for the Mutamba heavy sands project, the mining group said in a market statement on Tuesday.
The statement posted on the group's website said the Mutamba project "is one of the most important unexplored heavy sand deposits in the world," and adds that the new concessions cover an area of 280 square kilometres.
These two concessions, which were awarded to Mutamba Mineral Sands and Matilda Minerals, contain reserves estimated at 4.4 billion tonnes, containing 3.9% of the minerals to be extracted.
David Archer, CEO of Savannah Resources, said in the statement that these two new concessions, even if conditionally granted, "are an important milestone for both the project and the group and puts our partnership with the Rio Tinto group on a very solid footing."
Mutamba Mineral Sands is a partnership between the two groups Savannah Resources and Rio Tinto and Matilda Minerals is a wholly-owned subsidiary of the former. (Macauhub)
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