LONDON (Alliance News) - Savannah Resources PLC said Monday it has begun preparing environmental impact assessments for two copper deposits in Oman.
Savannah said the assessment for the Mahab 4 and Maqail South deposits in Oman should take around six months to prepare and be approved. Savannah is aiming to commence copper mining at the deposits in late 2017.
Savannah said it has contracted Omani oufit Geo Resources Consultancy to prepare the assessments for the Oman government's Ministry of Environment and Climate Affairs.
"Savannah is targeting to be in production by late 2017 and the lodging of the mining EIA is an important milestone regarding the development of the combined deposits as an integrated operation. The tempo of our work is increasing and studies that will form the basis of our plans, such as metallurgical testwork and various baseline studies, are now underway," said Savannah Chief Executive Officer David Archer.
Shares in Savannah Resources were up 2.9% at 4.24 pence Monday.
By Adam Clark; adamclark@alliancenews.com
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Savannah Resources (SAV)