Savannah Resources plc (LON:SAV and SWB: SAV) the AIM quoted resource development company, this morning told DirectorsTalk that approvals have been received for all eight of the required Government permitting approvals for the Maqail South Mining Licence application, and seven for Mahab 4, with only the Ministry of Housing remaining. Positive discussions are continuing with the Ministry of Housing in respect of this. Savannah is a 65% shareholder in the Omani company Al Fairuz Mining, the holder of the Block 5 licence which includes these two high-grade copper deposits.
The Company also announces that it has issued 1,400,000 new ordinary shares of 1 pence each in the capital of the Company (“Ordinary Shares”) in respect of 2013 Share Options at an exercise price of 4.62 pence per share (the “New Shares”), following an exercise of share options.
David Archer, Savannah’s Chief Executive Officer said today “The issue of these “no objections” means that we require only one final “no objection” prior to the Public Authority of Mining being able to assess the Company’s Mining Licence applications, with mining still planned to commence in 2018.”
Oman Licencing Update
The process for permitting mining activities in Oman is administered through the Public Authority for Mining (‘PAM’). Upon submission of the Mining Licence application, approval (or no objection) is required from eight Ministries and PAM for the Licence to be granted.
A summary of the Ministries and their approval status is given in Table 1.
Table 1. Approval Status of Mining Licence Applications
Ministry Status (Mahab Status (Maqail
4) South)
------------------------ ---------------------- ----------------------
Ministry of Defence No objection No objection
received received
------------------------ ---------------------- ----------------------
Royal Oman Police No objection No objection
received received
------------------------ ---------------------- ----------------------
Ministry of Culture No objection No objection
and Heritage received received
------------------------ ---------------------- ----------------------
Ministry of Tourism No objection No objection
received received
------------------------ ---------------------- ----------------------
Ministry of Environment Project Environmental Project Environmental
and Climate Affairs Permit Received Permit Received
------------------------ ---------------------- ----------------------
Ministry of Regional No objection No objection
Municipalities received received
and Water Resources
------------------------ ---------------------- ----------------------
Ministry of Interior No objection No objection
received received
------------------------ ---------------------- ----------------------
Ministry of Housing Under review No objection
received
------------------------ ---------------------- ----------------------
Public Authority Preliminary Economic Preliminary Economic
for Mining Assessment to Assessment to
be Submitted be Submitted
