Rio, Savannah in joint venture

GLOBAL mining firm Rio Tinto has agreed to combine its heavy mineral sands prospects in Mozambique with those of Savannah Resources, pushing shares in AIM-listed Savannah up by as much as 141 percent. The two companies were to set up a joint venture including Rio Tinto’s Mutamba, Dongane and Chilubane assets and Savannah’s Jangamo prospects, Savannah said yesterday. – Reuters