PERTH (miningweekly.com) – The shares of ASX-listed Alara Resources traded 6% higher on Thursday after a judgment hearing date was awarded in its legal battle against joint venture (JV) partner United Arabian Mining Company (Manajem).
Manajem, which is Alara’s JV partner in the Khnaiguiyah zinc/copper project, in Saudi Arabia, in 2014 launched financial claims against the Australian miner, but the proceedings have dragged largely owing to requests by Manajem for more time to prepare documentation.
At an October hearing, Manajem’s representative again asked for more time to prepare a reply to a brief, and a final extension was given until January 9. However, no representatives from Manajem attended the January 9 hearing, and a decision was made to send the matter for judgment.
A hearing has now been scheduled for March 12.
Alara told shareholders on Thursday that the scheduling of a judgment hearing date was an important step forward, and one that could help the company focus its attention on reaching an ultimate resolution to allow for the project to proceed into production.
A 2013 definitive feasibility study found that the project, which would require a capital spend of some $257-million, could deliver 1.4-million tonnes of zinc concentrate and 210 000 t of copper concentrate over its 13-year mine life.
Edited by: Mariaan Webb
Creamer Media Senior Deputy Editor Online
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