LONDON (Alliance News) - Savannah Resources PLC is to be granted two mining licences over "high-grade" copper developments in Oman, it said on Thursday.
Oman's Public Authority for Mining has told Savannah it will be granted licences at Mahab 4 and Maqail South, which are near to the port of Sohar.
This follows approvals from a number of government bodies and a "rigorous" review of the applications by the mining authority.
Chief Executive David Archer said: "We are delighted to receive this advice and we look forward to securing the granted mining licences once the Oman government promulgates a new schedule of fees and the relevant fees are paid.
"Mahab 4 and Maqail South are examples of the type of high-grade copper deposits that are characteristic of the Oman ophiolite belt and will be in the vanguard of new copper mine developments in Oman. Block 5 remains highly prospective for the discovery of further high-grade deposits that could further augment the planned hub-and-spoke mine development based around Mahab and Maqail South."
"As we stated in our annual report in May, the award of the mining licences we have applied for in Oman would help to provide greater clarity on these projects for all stakeholders," continued Archer.
"The strategic review we announced at that time to identify Savannah's best course of action in regard to these projects is continuing, and we will update shareholders as and when is appropriate."
Shares were 1.8% higher on Thursday at a price of 3.92 pence each.
Savannah Resources (SAV)