Alara JV in Oman19 Mar 2018 07:37
Some news from Oman if only a sideshow?
“JOINT VENTURE WITH
SOUTH WEST PINNACLE EXPLORATION
PERTH: Alara Resources Limited (ASX: AUQ) (Alara or Company) has executed a Heads of Agreement with South West Pinnacle Exploration Limited (SWPE) to form a new joint venture providing drilling and mineral exploration services in Oman.
Summary
 Alara Oman Operations Pty Ltd (a wholly owned subsidiary of Alara) to enter a joint venture with SWPE to focus on Oman’s burgeoning mineral exploration sector.
 Alara and SWPE to hold equal shares in the JV entity.
 Final documents and related transactions are subject to regulatory requirements of
Australia, India and Oman.
Alara and South West Pinnacle Exploration to team up in Oman
Alara and SWPE started working together in Oman in 2012. This business relationship continued to develop to the point where the two companies have now decided to join forces via a joint venture in Oman. The parties have signed a Heads of Agreement which provides for the new joint venture to operate through an existing Alara subsidiary (Alara Resources LLC1), with Alara and SWPE being equal shareholders.
The joint venture will engage in drilling, exploration and mine development activities, and offer these services to other mining / exploration companies in Oman and the GCC, including Alara’s other joint ventures (i.e. Al Hadeetha Resources, Daris Resources and Awtad Resources), which currently hold five exploration licences covering >1100sqkm.
SWPE, which recently Iisted on the National Stock Exchange of India, has been operating successfully in the field of drilling and exploration services since 2007. Today SWPE has a fleet of 37 coring, RC & DTH rigs, and in-house expertise to offer a range of geological services.
Alara and SWPE hold a shared view on the future of mining in Oman and are keen to start working together at a time when the Sultanate’s mining sector is poised to take off.“
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