Business
Oman Authorities to Grant Two Mining Licences
Oman Authorities to Grant Two Mining Licences.
About this update from Savannah Resources Plc
[{"type":"text","content":"\n \nRNS Number : 3186I Savannah Resources PLC 08 August 2019 \n\n \n \n \n8 August 2019 \nSavannah Resources Plc\n \nOman's Public Authority for Mining to Grant Two Mining Licences for the High-Grade Copper Mine Developments\nMahab 4 and Maqail South\n \nHighlights:\n· Public Authority for Mining ('PAM') has advised Savannah that it intends to grant mining licences over the Mahab 4 and Maqail South high-grade copper deposits near the Port of Sohar in the Sultanate of Oman to Savannah's subsidiary (the 'Mining Licences')\n· Advice follows the approval of a series of government authorities and a rigorous review of the applications by PAM\n· Mining Licences to be granted once new licensing fees have been set under the new Mining Law and the relevant fees paid\n· Oman's new Mining Law came into effect on 14 March 2019 and is designed to attract new investment and revitalise the country's mining industry\n \nSavannah Resources plc (AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah' or the 'Company'), the AIM quoted resource development company, is pleased to announce that it has been advised by PAM that it intends to grant Mining Licences over the Mahab 4 and Maqail South high-grade copper deposits. PAM has specified that the Mining Licences will be granted once new licensing fees have been set under the new Mining Law and the fees paid. Savannah is a 65% shareholder in the Omani company Al Fairuz Mining LLC, the holder of the Block 5 Exploration Licence which includes these two high-grade deposits.\n \nTo view the announcement with the illustrative maps and diagrams please use the following link: http://www.rns-pdf.londonstockexchange.com/rns/3186I_1-2019-8-7.pdf\n \nSavannah's CEO, David Archer said: \"We are delighted to receive this advice and we look forward to securing the granted Mining Licences once the Oman government promulgates a new schedule of fees and the relevant fees are paid.\n \n\"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...