Mutamba project mining concessions conditionally awarded
The Minister of Mineral Resources and Energy in Mozambique has conditionally awarded two mining concessions – 9735C and 9229C – for the Mutamba heavy mineral sands project – a joint venture between Savannah Resources and Rio Tinto.
Mining concession 9735C has a term of 25 years to April 9, 2044, and mining concession 9229C a term of 25 years to May 6, 2044, with the possibility of an additional 25-year extension.
“The conditional award of these mining concessions to Mutamba Minerals Sands and Matilda Minerals represents a major milestone for both the project and for Savannah, and places our joint venture (JV) with Rio Tinto on a very solid foundation,” commented Savannah CEO David Archer in a statement on Tuesday.
The project area covered by the mining concessions contains an indicated and inferred mineral resource of 4.4-billion tonnes at 3.9% total heavy minerals and constitutes one of the largest remaining mineral sands deposits in the world that is yet to be developed, noted Archer.
“With the approval for award of concession 9228C now in the final stage and given that the demand for global titanium feedstocks remains very strong, these mining concessions hold the potential as a significant global project within the sector,” he enthused.
Moreover, once the mining concessions are formalised, they will enable the JV to progress the project prefeasibility study (PFS) towards completion, indicated Archer.
“Upon delivery of the PFS, our interest in this world-class heavy mineral project will rise from 20% to 35%,” he noted.
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