Alara Resources (ASX:AUQ) has announced it’s sent off the company’s first ever shipment of copper concentrate to China from its Omani acreage.
The move officially makes Alara Resources the latest copper producer on the ASX, as far as concentrate is concerned.
The product was shipped from Alara’s Wash-hi Majazza mine, but the size of the consignment is notable.
Just over 1,000 wet metric tonnes were sent in 42 sea containers to Oman’s Sohar Port, where they were then shipped to China under an existing agreement with Trafigura.
The maiden export reflects a long journey since the company first fired up its copper concentrate plant back in October of last year. In the background, Alara had long been planning to become an exporter around this time.
But in a stroke of good luck for the company, copper prices kicked off their 2024 bull rally, putting Alara in a comfortable position heading into 2025.
Alara’s involvement with the agreement under which the concentrate was sent comes by way of its 51% stake in a third entity called Al Hadeetha Resources LLC (AHRL).
Trafigura inked a deal with AHRL and thereby Alara in the middle of 2023.
AUQ closed on Tuesday at 7cps.