23/03/2017 - 10:43

Alara signs copper offtake agreement

23/03/2017 - 10:43

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Perth-based explorer Alara Resources has signed an offtake agreement for copper from its Al Hadeetha project in Oman, with the deal including a $US6 million ($A7.8 million) pre-payment.

Alara signs copper offtake agreement

Perth-based explorer Alara Resources has signed an offtake agreement for copper from its Al Hadeetha project in Oman, with the deal including a $US6 million ($A7.8 million) pre-payment.

Alara said today it had entered into the agreement with Statdrome PTE after considering a number of offtake proposals.

Statdrome will receive about 35,000 wet metric tonnes of copper per annum, while a $US6 million pre-payment will also be provided to Alara to fund the project’s construction costs.

“The agreement forms an important part in financing and development of the mine and processing plant, and has been completed in discussion with bank representatives,” Alara said.

Alara shares were 17.6 per cent higher to 2 cents each at 10:40am.

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