Mahab 4 and Maqail South Copper Mine Licencing and Studies Update
Savannah Resources plc (AIM: SAV) (‘Savannah’ or ‘the Company’), the AIM quoted resource development company, announces that it has now lodged the Environmental Impact Assessment (‘EIA’) for the Mahab 4 copper mine development. This completes the final permitting submission requirement for Mining Licence applications at both its Mahab 4 and Maqail South deposits, which are located in Block 5. Savannah is a 65% shareholder in the Omani company Al Fairuz Mining, the holder of the Block 5 licence.
HIGHLIGHTS: • All regulatory applications for copper mine development at both Mahab 4 and Maqail South now made • Final EIA applications submitted to the Ministry of Environment and Climatic Affairs (‘MECA’), fulfilling final permitting requirements in Mining Licence applications o Maqail South EIA lodged on 28 March 2017 and Mahab 4 EIA lodged on 4 May 2017 o EIA approval process expected to take around three months assuming there are no delays or requests for additional information by the government; and • Targeting open-pit mining at Maqail South and underground mining at Mahab 4 • Preparation of an Economic Study on copper mine development continues to progress well with work expected to be completed during July 2017* • Additional metallurgical test work and the development of a detailed mine design and production plan for the two mines being undertaken
*Being undertaken by Independent Metallurgical Operations Pty Ltd (‘IMO’) who are well experienced in copper mine studies, process flow sheet designs and metallurgical test work – clients include Oz Minerals, Sandfire Resources and Xstrata Copper.
Savannah’s CEO, David Archer said: “We have completed the fourth and final stage of the environmental application process with the lodging of our EIA permit applications. Accordingly, all regulatory applications for copper mine development at both Mahab 4 and Maqail South have now been submitted. Whilst we await the granting of our Mining Licences, I am pleased to report that we remain highly active in order to ensure the timely delivery of these copper mines.
Perhaps Savannah have had to resubmit as well??
AUQ Price at posting:
1.5¢ Sentiment: Hold Disclosure: Held
