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.
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.
Resources Analyst, Markets & Money
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