Alara looks for new equity partner for Oman project
MUSCAT, November 1, 2016
Australia-based Alara Resources, a minerals exploration and development company, is looking for an additional strategic equity partner for its copper and gold mining project in Oman, a report said.
Alara Resources is already in partnership with Al Hadeeta Investment Services for the project, which is expected to cost of A$78.6 million ($60 million), said Oman Tribune report.
The firm has received renewed expressions of interest, including indicative terms for debt finance of up to A$53 million ($40.30 million), added the report.
Moreover, vendor finance and offtake agreements, including pre-production payments, have been offered to fund the balance.
The company noted that it is open to considering equity finance at the project level, it is not relying on this to fund the project, and is more interested in the strategic benefits that an additional equity partner (at the project level) can bring, it added.
The Washihi-Mullaq-Al Ajal Copper-Gold Project (Washihi) comprises three exploration licences which cover approximately 80 sq km.