Savannah Res. updates on Mahab 4, Maqail South licences
Source - SMW
Savannah Resources has received in-principle approval for its tailings storage facility (TSF) concept in the development of a processing plant and tailings facility for its Block 4 and 5 copper projects in Oman.
The approval -- from the Ministry of Environment and Climate Affairs (MECA) -- was subject to further studies and test work being presented for review and consideration.
CEO CEO, David Archer said Savannah was pleased MECA had given the green-light to consider the TSF concept, which the company had suggested around the use of the existing abandoned Lasail West pit.
"This would be the first TSF of its type in Oman and we believe it would provide Savannah with an economic avenue for safe tailings storage, and at the same time would result in the overall rehabilitation of the Lasail West site, which remains of strategic resource value to the Company," he said.
"The preliminary approval of the TSF represents another major step forward towards commencing copper production.
"Whilst the overall licensing process for our mine development is taking longer than we had initially planned, which means we are now anticipating mining to start in the first half of 2018, we remain confident that these assets will be advanced into production in the near term.
"Our team and consultants continue to push to conclude the licensing process and we look forward to providing shareholders with further updates as appropriate."
- Savannah has received in principle approval for its tailings storage facility ('TSF') concept, subject to further studies and test work being presented to MECA for review and consideration;
- The TSF concept involves the utilisation of the abandoned Lasail West pit for tailings storage
- The Lasail West pit is adjacent to the main, historic Lasail Mine which, as a large underground operation produced c. 13Mt of ore at 2% copper, and which retains excellent potential for the identification of further copper mineralisation;
- All regulatory applications for copper mine development at both Mahab 4 and Maqail South have now been submitted;
- Licensing approval process continues to progress but is taking longer than initially anticipated, which has resulted in some time loss to the proposed production schedule; and
- Mining expected to commence in H1 2018.
At 9:47am: (LON:SAV) Savannah Resources share price was -0.38p at 5.13p