Rio Tinto, Savannah enter into JV for heavy minerals development

Diversified miners Rio Tinto and Savannah Resources have entered into a joint venture that will see the two miners develop their Mozambican heavy mineral sands deposits, effective immediately. In a statement released on Tuesday, Savannah said that it would operate the Mutamba and Jangamo mineral sands projects and that it would have an initial 10% beneficial interest in the combined projects, with the potential to increase to a beneficial interest of 51% on the achievement of milestones.