- Alara Resources (AUQ) commences mining activities at its 51 per cent-owned Al Wash-hi-Majaza copper gold project in Oman
- The company says pre-stripping of waste from stage one of the project will continue over the March 2022 quarter, with first incidental ore expected to be mined in Q2
- A new mining fleet has arrived at the project and is currently being commissioned while the production development stage is currently forecast to start in December 2022
- Managing Director Atmavireshwar Sthapak said the company is thrilled with the “good progress” at the project
- AUQ shares surge 23.8 per cent higher at 9.9 cents
Alara Resources (AUQ) shares surged after the company announced a start to mining activities at its 51 per cent-owned Al Wash-hi-Majaza copper-gold project in Oman.
Al Hadeetha Resources owns the remaining stake in the project.
Alara said pre-stripping of waste from the stage one section of the mine will continue across the current quarter, with first incidental ore expected to be mined in the June quarter.
A new mining fleet has arrived at site and is currently being commissioned, the company said.
The joint venture was looking to commence the Al Wash-hi-Majaza production development stage in December 2022.
Alara said it was aiming to ramp up to an annualised ore mining rate at Al Wash-hi-Majaza of 900,000 tonnes per annum by the end of the year.
“We are thrilled with the continued good progress being made in the development of the Oman-based Al Wash-hi–Majaza copper project,” Managing Director Atmavireshwar Sthapak said.
AUQ shares were trading 23.8 per cent higher at 9.9 cents at 2:00 pm AEDT.