Alara Ups Interest in Khnaiguiyah Zinc-Copper Project to 60 Percent

Alara Resources Ltd. (ASX:AUQ) and United Arabian Mining Company LLC (Manajem), Alara’s joint venture partner on the Khnaiguiyah zinc-copper project, announced that Alara will be increasing its interest in Khnaiguiyah from 50 percent to 60 percent.

Highlights of the transaction include:

• In turn, Alara’s JV partner Manajem, will receive 60M shares in Alara
• Manajem with support from Alara will arrange transfer of the Mining Licences to KMC
• All historic and legacy KMC/JV matters have been settled and incorporated into the HoA
• Given the detail of the recent discussions and resultant HoA, the subsequent amendments to the current SHA and Articles of Association are expected to be completed in short order
• Following the completion of the Amended SHA and Articles of Association, Alara will progress the Project into the next Project phases namely: project finance; EPC award and Owner’s Team establishment

Click here to read the full Alara Resources Ltd. (ASX:AUQ) press release.