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Savannah Resources said authorities in Mozambique had awarded mining concessions for the Matumba mineral sands joint venture with Rio Tinto.
Mutamba contained an indicated and inferred mineral resource of 4.4bn tonnet, grading 3.9% total heavy minerals
'The conditional award of these mining concessions represents a major milestone for both the project and for Savannah, and places our joint venture with Rio Tinto on a very solid foundation,' chief executive David Archer said.
At 9:51am: (LON:SAV) Savannah Resources share price was -0.03p at 3.35p