14th May 2018 11:13
LONDON (Alliance News) - Savannah Resources PLC on Monday said it has received letters of no objection from all eight relevant ministries for its two mining licence applications in Oman.
The no-objections cover the applications for the Mahab 4 and Maqail South sites. These copper deposits are located on the block 5 exploration licence, held by Al Fairuz Mining LLC, in which Savannah is a 65% shareholder.
Savannah said it is now to look to conclude the licensing process with Oman's Public Authority of Mining to get the two licences issued.
Chief Executive David Archer said: "We are delighted that the Maqail South and Mahab 4 mine developments have each now obtained all eight ministerial sign-offs as we seek to conclude the mine licensing process with PAM.
"In light of the very favourable copper price environment and strong interest from potential off-takers for high-quality copper concentrate, we are excited to be moving closer to being the first new copper mine development in Oman for a number of years and look forward to finalising the licensing process with PAM."
Shares were up 1.1% on Monday at a price of 6.57 pence each.
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