JOHANNESBURG (miningweekly.com) – Aim-quoted Savannah Resources is making progress towards the granting of mining licences for the first two of a planned series of high-grade copper mine developments in Oman.
The company has received the required ‘letters of no objection’ from eight Ministries for the Mahab 4 and Maqual South mining licence applications, clearing the way for the licensing process to be concluded.
"In light of the very favourable copper price environment and strong interest from potential offtakers 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 the Public Authority of Mining,” CEO David Archer commented on Monday.
Savannah is a 65% shareholder in the Omani company Al Fairuz Mining, the holder of the Block 5 exploration licence, which includes the Mahab 4 and Maqual South copper deposits.
Should licences be granted, production will start at the Oman project this year.