LONDON--Savannah Resources PLC (SAV.LN) Monday reported maiden resource estimate of 900 million tons at 4.1% total heavy minerals for the Ravene deposit located in Mozambique.

The Ravene deposit is a part of the Mutamba Mineral Sands Project, being jointly developed by Savannah and Rio Tinto (RIO.LN).

The exploration company said the new resource estimate represents a 26% increase in the global mineral resource of Mutamba and an 8% increase in total heavy minerals, grade compared to the overall resource.

Shares of Savannah at 0848 GMT trading 10% higher at 6 pence.

 

Write to Tapan Panchal at tapan.panchal@wsj.com

 

(END) Dow Jones Newswires

March 27, 2017 05:05 ET (09:05 GMT)

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