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Savannah Resources, Rio Tinto extend approvals deadline for JV to June

Savannah ResourcesPlc and Rio Tintohave agreed to extend the deadline to meet the conditions precedent for their heavymineral sands joint venture in Mozambique from March 31 to June 30, according toa March 30 release.

The agreement, signed in June 2015, was conditional on receiving approval from Mozambique's Ministryof Mineral Resources and Energy.

Savannah had agreed to acquire 100% of Matilda Minerals Ltda., which operates the heavy mineral sands project,and has agreed to team up with Rio Tinto to develop the combined /Jangamo project.