Savannah’s Moz subsidiary granted first of three mining licences over Mutamba prospect
Aim-listed Savannah Resources’ subsidiary Matilda Minerals has been granted a mining licence for part of the Mutamba heavy mineral sands project, in Mozambique.
This licence is the first of three contiguous concessions to be issued, which will result in the full tenement permitting of Mutamba.
Matilda Minerals operates the project in joint venture with global miner Rio Tinto.
The licence issued covers 11 948 ha of prospective land and is valid to April 2044, with a 25-year extension option.
The Mutamba tenement contains an indicated and inferred mineral resources of 4.4-billion tonnes, grading 3.9% total heavy minerals.
Matilda Minerals is undertaking a prefeasibility study on Mutamba, which will, once completed, boost the company’s interest in the project from 20% to 35%.
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