- Resource development company Savannah Resources said that Oman's Public Authority for Mining intended to grant mining licences for two of the firm's high-grade copper mine developments.

The licences would be granted once new licensing fees had been set under the new mining law (which came into force on 14 March) and the relevant fees paid.

Savannah is a 65% shareholder in the Omani company Al Fairuz Mining, the holder of the Block 5 exploration licence which includes the Mahab 4 and Maqail South high-grade mine developments.

'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,' said CEO David Archer.

At 9:02am: [LON:SAVP] Savannah Petroleum Plc share price was +0.13p at 12.43p

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