Rio Tinto, Savannah combine Moz assets
JOHANNESBURG (miningweekly.com) – Diversified mining giant Rio Tinto International and Savannah Resources subsidiary AME East Africa on Monday announced plans to merge their Mozambique-based adjacent heavy minerals sands assets into an unincorporated joint venture (JV).
Savannah would be the operator of AME’s Mutamba, Dongane and Jangamo prospects, as well as Rio Tinto’s Chilubane prospect, earning up to 51% of the now combined Mutamba-Jangamo JV project by funding and completing the scoping, prefeasibility and feasibility studies.
“The amalgamation of the Mutamba, Dongane and Jangamo projects makes enormous sense as it combines three areas which are effectively part of the same, continuous mineralisation trend,” Savannah CEO David Archer said, adding that Savannah was targeting early stage openpit mining, at an initial rate of 400 000 t/y to 500 000 t/y of ilmenite-dominant heavy mineral concentrate from the combined tenements.
Rio Tinto, which had entered offtake sales contracts on commercial terms for the purchase of 100% of the production of heavy mineral concentrate products from any mine that may be developed in the Mutamba-Jangamo project area, would make available to Savannah all its existing camps, facilities and associated equipment.
Savannah had also entered into a conditional agreement to acquire the remaining 20% of Matilda Minerals it did not already own for A$100 000. Matilda owned the Jangamo exploration licence.
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