Savannah investment moves a step closer to Oman licences

Resource development company Savannah Resources announced on Friday that approvals have been received for all eight of the required Oman government permitting approvals for the Maqail South Mining Licence application, and seven for Mahab 4, with only the Ministry of Housing remaining.

The AIM-traded firm said discussions were continuing with the Ministry of Housing in respect of that.

Savannah is a 65% shareholder in the Omani company Al Fairuz Mining, the holder of the Block 5 licence which included the two high-grade copper deposits.

The company also announced that it issued 1.4 million new ordinary shares in respect of 2013 share options, at an exercise price of 4.62p per share, following an exercise of share options.

“The issue of these ‘no objections’ means that we require only one final ‘no objection’ prior to the Public Authority of Mining being able to assess the company's mining licence applications, with mining still planned to commence in 2018,” explained chief executive David Archer.