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    SAV   GB00B647W791

SAVANNAH RESOURCES PLC

(SAV)
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Savannah Resources to Exit Rio Tinto JV, Assets in Mozambique

12/01/2021 | 07:53am EST

By Anthony O. Goriainoff

Savannah Resources PLC said Wednesday that it will exit a consortium agreement in Mozambique with Rio Tinto PLC with immediate effect, and that it will also exit its remaining assets in the country.

The AIM-listed mining company said Rio Tinto has paid $9.5 million in cash as termination compensation to Savannah's wholly-owned U.K. subsidiary, AME East Africa Ltd, in respect of the agreement's termination and the transfer of the company's in-country team to Rio Tinto.

Rio Tinto will now take full responsibility for the Mutamba heavy mineral sands project in Mozambique, it said.

Savannah said the move will free up cash resources and management time to be redirected to its flagship Barroso lithium project in Portugal.

The company said it will immediately start the divestment of its residual interests in Mozambique, these being primarily Matilda Minerals Lda and mining concession 9735C.

Shares at 1220 GMT were up 84 pence, or 1.8%, at 4,696.50 pence.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

12-01-21 0752ET

Stocks mentioned in the article
ChangeLast1st jan.
RIO TINTO PLC -1.43% 5385 Delayed Quote.10.22%
SAVANNAH RESOURCES PLC 2.46% 5 Delayed Quote.14.94%
SILVER -0.38% 22.942 Delayed Quote.-1.12%
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Financials
Sales 2021 - - -
Net income 2021 -4,30 M -5,88 M -5,88 M
Net cash 2021 4,10 M 5,61 M 5,61 M
P/E ratio 2021 -16,7x
Yield 2021 -
Capitalization 84,4 M 115 M 115 M
EV / Sales 2021 -
EV / Sales 2022
Nbr of Employees 53
Free-Float 75,8%
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Mean consensus BUY
Number of Analysts 1
Last Close Price 5,00 GBX
Average target price 12,47 GBX
Spread / Average Target 149%
Managers and Directors
David Stuart Archer Chief Executive Officer & Executive Director
Michael McGarty Chief Financial Officer & Secretary
Matthew J. K. King Non-Executive Chairman
Dale John Ferguson Executive Director & Technical Director
James Gerald Leahy Independent Non-Executive Director