Savannah earns 20% stake in Rio Tinto’s Mutamba project

A recently completed scoping study at the Mutamba heavy minerals mine, in Mozambique, has shown that the mine is capable of sustaining a 30-year mine life, based on a resource of 451-million tonnes at 6% total heavy minerals with relatively modest capital requirements. Being developed in conjunction with Rio Tinto, Savannah has the right to earn up to a 51% interest in the project, subject to key milestones being met, and by delivering the scoping study, Savannah has earned a 20% interest.