Wednesday, October 7, 2015

Savannah Resources Remains Focused On Mozambique

Savannah Resources PLC on Wednesday said it remains focused on developing a multi-commodities portfolio as it posted a wider pretax loss for the first half.Savannah's pretax loss in the six months to the end of June was GBP1.0 million, compared to a GBP919,253 loss a year earlier, due to the group booking a loss on an investment disposal.The group is focused on developing its copper project in Oman and on its heavy mineral sands assets in Mozambique and, in the half, signed an agreement with mining giant Rio Tinto PLC for the Mutamba project in Mozambique, under which the pair will develop both Rio's Mutamba and Savannah's adjacent Jangamo project via a joint venture.The company expects to report progress on both the Oman and Mozambique projects in the second half.Shares in Savannah were down 4.1% to 1.75 pence on Wednesday.

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