The AIM-quoted firm received letters of approval from all eight government ministries for the Maqail South and Mahab 4 licence applications.
Savannah said it is now looking to wrap up the licensing process with the Public Authority of Mining – the body which formally approves the application and issues the licences.
Strong off-take interest
“We are delighted that the Maqail South and Mahab 4 mine developments have each now obtained all eight Ministerial sign-offs as we seek to conclude the mine licensing process with PAM,” said chief executive David Archer.
“In light of the very favourable copper price environment and strong interest from potential off-takers for high-quality copper concentrate, we are excited to be moving closer to being the first new copper mine development in Oman for a number of years and look forward to finalising the licensing process with PAM.”
Savannah holds a 65% stake in the two deposits, which have a combined indicated and inferred mineral resource of 1.7mln tonnes at 2.2% copper.
Shares rose 2.7% to 6.68p shortly after the opening bell in London.