Savannah Resources a step closer to full approval in Oman

The AIM-traded firm is a 65% shareholder in the Omani company Al Fairuz Mining, the holder of the Block 5 licence which includes the two high-grade copper deposits.

It confirmed the environmental operating permits were issued for the Mahab 4 and Maqail South mine developments, with regulatory approval or ‘no objection’ received thus far from six out of the eight required ministries for the two mining licence applications.

The company called it “excellent progress” towards the grant of mining licences for the first two of a planned series of high grade copper mine developments in Oman.

Final ministerial approvals were expected to be received before the end of 2017, and the mining licences in early 2018 from the Public Authority for Mining.

“The award of environmental operating permits marks a major breakthrough for our 2018 development plans for the mining of the high-grade copper deposits at Mahab 4 and Maqail South,” said Savannah CEO David Archer.

“MECA's environmental clearance is expected to be factored positively into the approval process of the remaining ministries.”