“Awarding of the environmental permits for both Mahab 4 and Maqail South is an important milestone for Savannah as it continues to develop its copper projects in Oman. We are encouraged with the progress being made towards granting of the mining licence for Block 5 and look forward to final ministerial approvals in the coming weeks as well as granting of the mining licences in early 2018. In the meantime, we maintain a Speculative Buy rating on the stock.”
Savannah Resources Plc (LON:SAV) announced the issuance of environmental operating permits for both its Mahab 4 and Maqail South copper deposits in Oman. The environmental operating permits were issued by the Ministry of Environment and Climate Affairs (MECA). Regulatory approval or “No Objection” has been received from six out of eight Ministries required for granting of the mining licence. Final Ministerial approvals are now expected to be received before the end of 2017 and the Mining Licences in early 2018. Savannah owns a 65% shareholding in Al Fairuz Mining, the owner of the Block 5 licence containing the Mahb4 and Maqail South deposits.
Beaufort Securities acts as a corporate broker to Savannah Resources plc
