Why Alara Resources Share Price Jumped Higher Today

What happened to the Alara Resources share price?

At the time of writing, shares of Alara Resources Ltd [ASX:AUQ] are up by 42.86%. Up to 3 cents, in today’s trading.

Alara Resources is an exploration company with projects in Saudi Arabia and Oman.

Why did Alara Resources’ shares do this?

Alara Resources announced that eight government approvals have been received for the Al Hadeetha copper project in Oman.

The company also received confirmation that the government is in the process of issuing a mining license for the project.

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What now for Alara Resources Ltd?

Positive news for  Alara Resources.

However the proof will be in the pudding.

Some conditions still need to be met before the mining license is issued.

That said, everything seems on track. No major delays are expected..

The Al Hadeetha copper project boasts a 10-year mine life and the company plans to build a one million per annum copper concentration plant.

Indeed, it sounds like an exciting time to be a shareholder — especially considering the long copper history in Oman. But, there’s’ still a lot of work ahead.

Once the mining approval is issued — Alara Resources needs to obtain funding to commence construction for its copper plant.

The bottom line: Today’s announcement is certainly a step in the right direction for shareholders. But we’re not getting too excited just yet.

Jason Stevenson,
Resources Analyst, Markets & Money

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Jason Stevenson is Markets & Money’s resource analyst. He shares over a decade’s worth of investing and trading experience across resource stocks and commodity futures and options. He originally studied accounting and finance at Curtin University, where he was awarded a first-class honours degree. His professional background stems across high-net-worth, top tier accounting (corporate finance, tax and auditing), and sell-side equities research. Before joining the team at Markets and Money, Jason worked at boutique firms which advised fund managers and high-net-worth clients on where to invest. Whether it’s gold, crude oil, copper or an obscure metal like vanadium, you can rely on an in-depth analysis in Markets and Money. Jason also brings you extensive macro, political and geopolitical analysis from around the world. He leaves no stone unturned when it comes to telling the truth. Jason is also the lead analyst of Gold Stock Trader, a premium service for investors serious about precious metal stocks. Websites and financial e-letters Jason writes for:

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