Join our daily newsletter At The Bell to receive exclusive market insights
- Alara Resources (AUQ) forms a joint venture (JV) with Al Tasnim Enterprises to lodge a bid for an exploration licence award over a 353 square kilometres area in Saudi Arabia
- The licence area includes the company’s former Khnaiguiyah zinc-copper project
- Based on Alara’s previous knowledge and experience of the area, the JV is preparing a competitive bid with a team of experienced mining and exploration professionals
- The bid lodgement deadline is July 17
- Shares in AUQ are up 40 per cent, trading at 6.3 cents as of 11:53 am AEST
Alara Resources (AUQ) has formed a joint venture (JV) with Al Tasnim Enterprises to lodge a bid for an exploration licence award over a 353 square kilometres area in Saudi Arabia (KSA).
The licence area includes the company’s former Khnaiguiyah zinc-copper project.
In March 2022, Alara’s subsidiary Alara Saudi Ventures qualified along with seven other bidders from 24 applicants to participate in the final round of an auction process for the licence award.
The bidding is being conducted by the KSA Ministry of Industry and Mineral Resources (MIMR) and is expected to be announced in mid-August 2022.
Leading the bidding preparations Alara’s Country Manager in KSA Fadi Zenaty said the mining industry is now receiving unprecedented support from the KSA government through MIMR.
“Transparent regulations and guidelines implemented by the Ministry are expected to receive favourable attention from various local and international investors to partner with the Government’s Saudi 2030 Vision.
“Alara is set for a return to Saudi Arabia.”
The JV will have Alara having 51 per cent interest and Al Tasnim having 49 per cent interest.
Based on Alara’s previous knowledge and experience of the area, the JV is preparing a
competitive bid with a team of experienced mining and exploration professionals.
The bid involves submitting a program for development of mining and processing infrastructure at the previously explored Khnaiguiyah zinc-copper deposit, and a proposal for the efficient exploration and development of the remainder of the license area.
The bid lodgement deadline is July 17.
Shares in Alara Resources were up 40 per cent, trading at 6.3 cents as of 11:53 am AEST.
