Aim-listed Savannah Resources’ subsidiary Matilda Minerals has been granted a second mining licence over the Mutamba heavy mineral sands project area, in Mozambique.
This licence covers 16 126 ha and is valid until May 2044, with a 25-year extension option.
The licence is the second of three contiguous concessions to be issued that will result in the full tenement permitting of the project.
The first licence covers 11 948 ha of prospective land and is valid to April 2044, also 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%.