- Alara Resources (ASX:AUQ) releases its annual report
- The company ended the period with more than $3 million in cash
- Its 1Mtpa copper concentrate plant is coming online in Oman
- The company has also grown its total Omani acreage to in excess of 1180sq.km
- Shares last traded at 3.5 cents
Alara Resources (ASX:AUQ) has released its annual report, ending the year with $3.7 million in cash and having advanced its flagship Omani copper-gold project closer to the starting line.
All in all, Alara ends the year with 1186 square kilometres of acreage in the stable Middle Eastern jurisdiction.
Alara has also bidded for four exploration blocks in a mining exploration round conducted by the Sultanate of Oman.
On Monday, the company revealed it had fired up its copper concentrate plant on-site at the company’s Al Wash-hi – Majazza project.
The total energisation of the plant will take up to four weeks and will be brought online in stages.
Plant key to project
The plant has a nameplate capacity of up to one million tonnes per annum.
Steel erection of the plant is clocked at 97 per cent complete, electrical works at 68 per cent, and mechanical installation at 92.5 per cent.
In that project, Alara holds a 51 per cent interest in the project owner, Al Hadeetha Resources LLC.
New copper price records on horizon
AUQ Managing Director Atmavireshwar Sthapak noted that currently low copper prices are the quo in 2023 but that 2025 is set to bring “new records”.
“Once Al Wash-hi – Majaza Mine copper production is “bedded down”, the company will renew its focus on growing and developing its mineral properties portfolio,” he said.
“Alara acknowledges the strong support of His Majesty Sultan Haitham bin Tariq, Sultan of Oman and his government, particularly the Ministry of Energy and Minerals, in bringing this Project to its current advanced state of construction.”
AUQ shares last traded at 3.5 cents.