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BRIEF-Savannah Resources announces new consortium deal with Rio Tinto

Published 11/10/2016, 05:26 pm
Updated 11/10/2016, 05:30 pm
© Reuters.  BRIEF-Savannah Resources announces new consortium deal with Rio Tinto
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Oct 11 (Reuters) - Savannah Resources Plc SAVS.L :

* Pleased to announce a new consortium arrangement with Rio Tinto (LON:RIO) covering Savannah's Jangamo project and Rio Tinto's Chilubane and Mutamba projects

* Says commencement of operations is expected to bring immediate new jobs and investment to Mozambique and Inhambane province

* Company and Rio Tinto have agreed to transfer legal ownership of their projects to a consortium company only at a future date

* Scoping study to commence immediately, with an expected completion before end of Q1 2017

* Says Savannah will operate Mutamba/Jangamo and will have an initial 10 pct beneficial interest in combined mineral sands projects

* Says consortium agreement includes an offtake agreement on commercial terms for sale of 100 pct of production to Rio Tinto Source text for Eikon: Further company coverage: SAVS.L

(Bengaluru Newsroom)

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